The state has so far made more than $59 million in cannabis license fees, according to state data. The majority of that will pay for as-yet-undefined social equity initiatives.
According to data provided by the state Department of Consumer Protection, the state received a total of $59,606,895 as of Wednesday.
Most of that, $48.5 million, comes from license fees paid by social equity applicants. Of that $48.5 million, $33 million was paid by the 11 cultivators so far licensed in disproportionately impacted areas.
According to state law, license fees paid by social equity applicants are deposited into a social equity fund and used to pay for costs associated with the Social Equity Council and community reinvestment initiatives in areas disproportionately impacted by the drug.
The fund will be set up at the start of the fiscal year, said Social Equity Council spokesperson Kristina Diamond, though precisely how the money will be used has not yet been decided.
Read more at ctinsider.com