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8-13.11   Boston Equity Fund.
   The Office of Emerging Industries shall administer and support the equity program as described in Subsection 8-13.3 through funding appropriated to it as the Boston Equity Fund. The Office of Emerging Industries shall make the funds in the Boston Equity Fund available to support equity applicants and licensees, as defined by the equity program, and to establish and operate a cannabis business in the city. It is anticipated that the initial appropriation should be an amount equal to 100% of revenue collected by the city under the 3% gross sales revenue fee established in the Marijuana Host Community Agreements (“HCA”), up to $1,000,000. Subject to appropriation, once an aggregate initial amount of $1,000,000 has been deposited into the Boston Equity Fund, it is anticipated that the Boston Equity Fund shall be credited with an amount equal to 0.5% of gross annual HCA revenue until 2024 or upon the Boston Equity Fund reaching $5,000,000, whichever occurs first.
(CBC 1985 8-13.11; Ord. 2019 c. 5 § 1)
8-13.12   Conditions.
   Licenses for marijuana establishments shall only be valid so long as each entity signs a host community agreement with the city, receives a final license from the Cannabis Control Commission and receives a license from the Cannabis Board within 12 months and their licensure with the CCC remains valid and current. The Board may impose additional reasonable restrictions and conditions as to the operation under the license, and may suspend the license if it deems that such restrictions or conditions have been violated.
(CBC 1985 8-13.12; Ord. 2019 c. 5 § 1)
8-13.13   Transferability of License.
   Any license granted under this Section shall be a personal privilege and shall not be assignable or transferable, without the approval of the Cannabis Board and the execution of a new host community agreement with the city.
(CBC 1985 8-13.13; Ord. 2019 c. 5 § 1)
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