CENTRAL PARK TO LEVITATE IN 2022 –
March 25, 2021 – The legislation sets a goal of having 50 percent of marijuana business licenses for distribution and retail issued to social equity applicants, including people with past marijuana convictions or who have relatives with such records as well as those living in economically distressed areas or places where cannabis criminalization has been enforced in a discriminatory manner. Equity applicants would also include minority- and women-owned businesses, disabled veterans and financially distressed farmers.
*Cannabis products would be subject to a state tax of nine percent, plus an additional four percent local tax.
*Marijuana distributors would also face a THC tax on flowers, concentrate and edibles—applied on a sliding scale based on type of product, up to three cents per milligram.
*Tax revenue from marijuana sales would cover the costs of administering the program. After that, 40 percent of the remaining dollars would go to a community reinvestment fund, 40 percent would support the state’s public schools and 20 percent would fund drug treatment facilities and public education programs.