They provide their model, with weights and code, as "source available" and it looks like they allow for commercial use until a 700M monthly subscriber cap is surpassed. They also don't allow you to train other AI models with their model:
""" ... v. You will not use the Llama Materials or any output or results of the Llama Materials to improve any other large language model (excluding Meta Llama 3 or derivative works thereof). ... """