Oklahoma Gov. Signs Bill Requiring Bonds For Marijuana Farms
- Governor Kevin Stitt signed a measure into law that will curb illegal marijuana grow operations in Oklahoma. Under Senate Bill 913, all commercial cannabis cultivators must hold a $50,000 bond, with the money being paid before launching any new operations. The bond can be used to finance remedial work if the grow operation is abandoned or has its license canceled.
B.C. Announces Major Support For Indigenous Entrepreneurs
- The Government of British Columbia will set aside roughly CA$2.3 million ($1.7 million) for the B.C. Indigenous Cannabis Business Fund (ICBF).
- The fund seeks to support the participation of Indigenous cannabis entrepreneurs within the cannabis industry in the Canadian province, covering costs like licensing and permits.
Surprising Ways States Utilize Marijuana Tax Revenue
DC News Now takes a closer look at how the following three states are spending the cannabis tax revenue:
- Montana. Since legalizing marijuana in 2020 and putting in place a 20% sales tax, cannabis revenue is partially spent on improving wildlife conservation efforts via the Department of Fish, Wildlife, and Parks. The rest of the money is allocated to fund law enforcement, veterans, drug treatment, and other state services.
- Alaska. Revenue from marijuana, which has been legal since 2014, comes from the $50-per-ounce tax. Half is utilized to fund programs designed to reduce recidivism, while the other half goes to the general fund and to finance drug education programs.
- Colorado. For over a decade, Colorado imposed a 15% sales tax and a 15% excise tax on recreational cannabis. A chunk of that tax money is allocated into the state’s general fund to support state services, while the remainder goes to specific programs, such as BEST, that finance build-out of new schools.
- Photo: Courtesy of geralt and Kindel Media by Pixabay
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