General Assembly Raised Bill No. 5351 seeks to establish a Social Equity Council within the Department of Economic and Community Development to oversee cannabis regulation and promote equity within the cannabis industry. The council will consist of seventeen members appointed by various legislative leaders and the Governor, reflecting the state's racial, gender, and geographic diversity. The bill includes provisions for the council to appoint an executive director, manage funds for social equity initiatives, and conduct investigations, public hearings, and contract agreements. It also mandates the council to conduct a comprehensive study on racial discrimination in cannabis policies and make recommendations to ensure equitable access to cannabis business licenses for individuals from communities disproportionately affected by cannabis prohibition. The bill repeals the existing Section 21a-420d and replaces it with new language that clarifies the council's responsibilities and operational framework.

The legislation introduces significant changes to the application process for cannabis establishment licenses, particularly for social equity applicants, by eliminating the lottery and request for proposals system. Instead, the Social Equity Council will review and approve social equity plans submitted by cannabis establishments within thirty days, allowing for revisions without penalty if a plan is denied. The bill mandates that 50% of applications for each license type be reserved for social equity applicants and outlines the requirements for these applicants, including registration with the Secretary of the State. Additionally, it prohibits changes in ownership or control of certain equity joint ventures for a specified period and requires the council to submit quarterly reports on expenditures and application statuses. Overall, Raised Bill No. 5351 aims to create a more equitable framework for the cannabis industry while ensuring transparency and accountability in the council's operations.