AGENCY TESTIMONY
Community reinvestment grants from cannabis revenue
2:21:16
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46 sec
The IBO discusses the potential for additional revenue from community reinvestment grants funded by state cannabis tax revenue.
- Grants will be awarded to communities disproportionately impacted by cannabis prohibition
- The Cannabis Advisory Board announced it will begin awarding these grants in 2024, though none have been granted yet
- The amount of grant revenue is uncertain and would be devoted to specific projects or programs
- This differs from general cannabis revenues which go to the city's general fund
- The Office of Cannabis Management publishes an annual report with details on fund availability and potential distribution of these grants
Alaina Turnquist
2:21:16
Beyond tax revenue from cannabis sales, the city may also see additional revenue from community reinvestment grants.
2:21:23
Which will be awarded to communities disproportionately impacted by cannabis prohibition.
2:21:28
These grants will be funded out of a portion of the state's cannabis tax revenue, not the cities.
2:21:33
The Cannabis Advisory Board announced that it will begin awarding these grants in 2024 although none have yet been granted.
2:21:40
The potential amount of grant revenue which could be received is uncertain and would be devoted to the grant specific project or program.
2:21:48
This is different from the general cannabis revenues which go towards the city's general fund and can be used for any purpose.
2:21:54
The Office of Cannabis Management annually publishes a report with details on funds and availability and potential distribution of these grants.
