An Equity Joint Venture is a business entity, partnering with a licensed producer, DIA cultivator or dispensary facility, that is at least 50 percent owned and controlled by an individual or individuals who:
- Had an average household income of less than 300 percent of, or three times, the state median household income over the last 3 tax years
AND, either
- Was a resident of a disproportionately impacted area for at least 5 of the past 10 years; OR
- Was a resident of a disproportionately impacted area for at least 9 years before the age of 18.
Equity Joint Ventures are not subject to the lottery. EJVs must be approved by the Social Equity Council to apply for a provisional license. Producers, DIA cultivators and dispensary facilities may each create a maximum of two Equity Joint Ventures.
- Dispensary facilities must create one Equity Joint Venture to qualify for the reduced license fee.
- A producer must create two Equity Joint Ventures to qualify for the reduced license fee.
If a producer or dispensary facility has paid a reduced conversion fee, they have 14 months from the time their conversion application has been approved to create the Equity Joint Venture(s). If the required Equity Joint Venture(s) have not been issued a final license by the Department within 14 months of the conversion application approval, the licensee will be liable for the full amount of the conversion fee.
There is no window for license applications for Equity Joint Ventures.
Requirements for Equity Joint Ventures can be found in Sections 27 and 145 of Public Act 21-1 as well as Sections 5, 6 and 7 of Public Act 22-103.