Revision: Feb. 9, 2021, 9:44 a.m.
Commerce
February 9, 2021
2021-0281s
11/05
Amendment to SB 38
Amend the bill by inserting after the enacting clause the following and renumbering the original sections 1-9 to read as 2-10, respectively:
1 Statement of Intent. The general court recognizes that the state of New Hampshire in 2013 authorized 4 regional licenses for alternative treatment centers to distribute therapeutic cannabis to New Hampshire citizens who have been diagnosed by a provider as having a qualifying medical condition and who possesses a valid registry identification card issued pursuant to RSA 126-X:4. The licensed alternative treatment centers have been formed as voluntary not-for-profit entities under RSA 292 as required by statute. The not-for-profit requirement has had a detrimental effect on the ability of the licensed alternative treatment centers to distribute affordable products due to their inability to finance operations through sales of equity rather than borrowing funds from private lending sources. Therefore, the general court hereby addresses the patient affordability issues by allowing only the alternative treatment centers holding licenses under RSA 126-X as of January 1, 2021 to convert their business under the provisions and definitions set forth below.
2021-0281s
AMENDED ANALYSIS
This bill permits alternative treatment centers to organize as business corporations and limited liability companies, and provides the procedure for alternative treatment centers organized as voluntary corporations as of January 1, 2021 to convert to business corporations or limited liability companies.