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HF100 NINTH ENGROSSMENT REVISOR BD 1-10100-9 <br />168.1 illegal cannabis or controlled substance immediately after receiving the substance. Each <br />168.2 stamp or other official indicia may be used only once. <br />168.3 Subd. 2. Payable on possession. Taxes imposed upon illegal cannabis or <br />168.4 controlled substances by this chapter are due and payable immediately upon acquisition or <br />168.5 possession in this state by a tax obligor. <br />168.6 EFFECTIVE DATE. This section is effective June 30, 2023. <br />168.E <br />ARTICLE 3 <br />168.8 BUSINESS DEVELOPMENT <br />168.9 Section 1. [116J.659] CANNABIS INDUSTRY STARTUP FINANCING GRANTS. <br />168.10 Subdivision 1. Establishment. The commissioner of employment and economic <br />168.11 development shall establish CanStartup, a program to award grants to nonprofit corporations <br />168.12 to fund loans to new cannabis microbusinesses and to support job creation in communities <br />168.13 where long-term residents are eligible to be social equity applicants. <br />168.14 Subd. 2. Definitions. (a) For the purposes of this section, the following terms have the <br />168.15 meanings given. <br />168.16 (b) "Cannabis microbusiness" means a cannabis business that meets the requirements <br />168.17 of section 342.28. <br />168.18 (c) "Commissioner" means the commissioner of employment and economic development. <br />168.19 (d) "Industrv" means the leLyal cannabis industry in the state of Minnesota. <br />168.20 (e) "New business" means a legal cannabis business that has been in existence for three <br />168.21 years or less. <br />168.22 (f) "Program" means the CanStartup grant program. <br />168.23 (g) "Social equity applicant" means a person who meets the qualification requirements <br />168.24 in section 342.16. <br />168.25 Subd. 3. Grants. (a) The commissioner shall establish a revolving loan account to make <br />168.26 grants under the CanStartup program. <br />168.27 (b) The commissioner must award grants to nonprofit corporations through a competitive <br />168.28 grant process. <br />168.29 (c) To receive grant money, a nonprofit corporation must submit a written application <br />168.30 to the commissioner using a form developed by the commissioner. <br />Article 3 Section 1. 168 <br />