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LCB working to clarify limits on financial interests for cannabis retailers under SB 5403
Summary
Staff said the rules team is drafting language to implement SB 5403 to limit certain financial interest agreements for cannabis retailers and to clarify the definition of a true party of interest; next draft expected by end of July and a CR102 filing by late fall.
The Liquor and Cannabis Board's rules team reported work to implement Engrossed Senate Bill 5403, which limits financial interest agreements for cannabis retailers and affects the five-retail-store limit, staff said June 30.
Kevin said the project team is focusing on clarifying the distinction between a true party of interest (TPI) and an entity that shares a financial interest but is not a TPI, and on how those relationships affect the retail store limit. He said: "The project team's most recent focus in response to public comments has been to clarify in the draft the distinction between true party of interest and someone who shares a financial interest but is not necessarily a TPI and the impact that these relationships have on the 5 retail store limit."
Staff expects to finalize and share the next draft publicly by the end of July, followed by a relatively short public comment period and a CR102 filing by late fall; if economic implications require it, the board may contract an economist (a process that could take about three months) to prepare a small business economic impact analysis.
Next steps: staff will post the next draft by the end of July and pursue CR102 filing later in the year; stakeholders will have an opportunity to comment during the public-comment period.
