N.J. Admin. Code § 17:30-6.6

Current through Register Vol. 56, No. 8, April 15, 2024

Section 17:30-6.6 - Social equity business

(a) "Social equity business" means a license applicant or license holder that meets one of the following criteria:

1. More than 50 percent of the ownership interest of the license applicant or license holder is held by one or more persons that demonstrate all of the following criteria:

i. At the time the initial application is submitted, have lived in an economically disadvantaged area for five of the 10 preceding years; and

ii. Are, at the time the initial application is submitted and based on the preceding year's income, a member of a household that has a household income that is 80 percent or less of the average median household income in the State, as determined annually by the U.S. Census Bureau; or

2. More than 50 percent of the ownership interest of the license applicant or license holder is held by one or more persons who are eligible to be pronounced rehabilitated in accordance with N.J.A.C. 17:30-7.12(e), if necessary, and have been adjudicated delinquent for or convicted of, whether expunged or not, in this State, another state, or the Federal government:

i. At least two marijuana- or hashish-related disorderly persons offenses; or

ii. At least one marijuana- or hashish-related indictable offense.

(b) A social equity business shall submit, in its cannabis business license application or renewal application, documentation verifying its social equity business status, including an attestation from any qualifying owner or passive investor attesting to the qualification of the person pursuant to the criteria at (a) above.

N.J. Admin. Code § 17:30-6.6

Adopted by 53 N.J.R. 1583(a), effective 8/19/2021

Amended by 55 N.J.R. 402(a), effective 3/6/2023