The state of Colorado seems to be embracing its reputation as a cannabis state, with officials of the state working on an auction that will sell marijuana-themed license plates in an attempt to raise money for a disability fund. Between April 1—20, residents in the state will have the chance to place their bids on vanity plates that have terms such as ISIT420, HEMP, GOTWAX, GANJA and BONG engraved on them.
Bids on some of these plates will begin at $420, which most will agree is particularly fitting.
The auctions’ proceeds will go to the Colorado Disability Funding Committee, which provides grants to various organizations that have innovative and new ideas that benefit the disability community.
The plates are bound to be a hit, given the popularity of the state’s cannabis market, which raked in more than $2 billion in sales alone in 2020. In addition to this, data acquired from the Department of Revenue in the state shows that more than $10 billion of cannabis has been sold since the state launched its adult-use program in 2014.
The auction will also be open to individuals who do not reside in the state. If an individual who does not live in Colorado does win, they will receive a novelty plate that will not contain the security features that come on a normal plate. The page setup for every license plate that is up for auction includes a disclaimer to use marijuana responsibly and to not drive while impaired.
The marijuana program in the state is constantly evolving, despite Colorado being among the first states to legalize adult-use marijuana.
For instance, earlier in March, the House approved a legislation that would increase the lawful possession limit for cannabis while the Gov. Jared Polis signed a bill to establish a social equity fund for the cannabis industry.
Polis also visited a cannabis dispensary in Denver where he signed the measure that would create a program in the state’s Office of Economic Development and International Trade whose purpose would be to support marijuana businesses owned by individuals who had qualified as social equity licensees and were mainly individuals who had been the most affected by the war on drugs. The program will receive a $4 million injection from the state’s cannabis tax fund, which is roughly $1 million less than what the governor had requested earlier in January of this year.
Additionally, in 2020, the governor signed a separate legislation that would establish a statewide definition of marijuana social equity licensees. These businesses are the primary beneficiaries of the new bill.
The high level of innovation exhibited by entities such as RYAH Group Inc. has allowed cannabis users, especially medicinal cannabis users, to access a huge array of products, and this has in turn boosted the tax earnings of the states where marijuana is legal.
NOTE TO INVESTORS: The latest news and updates relating to RYAH Group Inc. are available in the company’s newsroom at https://cnw.fm/RYAH
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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