On Feb. 10, 2023, the state of California announced that it had given out grants totaling $15 million to fund regional initiatives to advance fairness in the cannabis business. The Office of the Governor of Economic and Business Development (G0-Biz) gave the money to 16 counties and cities throughout the state through the Marijuana Equity Grants Program for Local Jurisdictions. The applications began toward the end of 2022.
This is in line with California’s plans to finance future and ongoing fairness initiatives for individuals who are disproportionately affected by the war on drugs with money from the marijuana tax.
The lowest grant recipient will be San Diego, which is expected to receive $350,000, while Oakland (the highest awardee) gets $1,996,487. A total of $35 million was made available for localities throughout the state in an earlier round of grants under the program, for which GO-Biz began accepting applications in 2021. The funding cap for this year and next year is $15 million.
Last year, the department reported that it had given 78 grants to groups across the state to help the social and economic advancement of areas that have been disproportionately affected by the fight against drugs. In the meantime, the state’s Department of Marijuana Control declared that the state intends to award universities that undertake studies into marijuana policy and science grants worth $20 million through cannabis taxes. These grants will cover projects such as preserving the genetic makeup of “legacy” isolates and deterring monopolies in the legal cannabis industry.
California is taking additional steps to broaden the market for cannabis outside of its borders. Regulatory authorities recently asked the attorney general of the state for an official opinion regarding whether permitting marijuana commerce across state lines would put California at “considerable risk” of federal regulatory action.
Last year, the governor signed legislation granting him the authority to enter into agreements with other jurisdictions to freely trade marijuana goods. The call for advice by DCC is an important first step that might ultimately result in the legislation being put into effect. In addition, Newsom would want to see marijuana decriminalized on a federal level, so that the cannabis producers in his state will be able to “lawfully supply the entire nation.”
Furthermore, a state senator has reintroduced a proposal to decriminalize the possession of some psychedelic substances after his previous attempt was unsuccessful in the waning moments of last year’s session.
As the cannabis industry grows even more, the need for funding from other sources such as REZYFi Inc. will grow given that the chance of a banking bill being passed by Congress is looking to be dimmer now that the GOP is in control of the House.
NOTE TO INVESTORS: The latest news and updates relating to REZYFi Inc. are available in the company’s newsroom at https://cnw.fm/REZY
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.
To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)
For more information please visit https://www.CNW420.com
Do you have questions or are you interested in working with CNW420? Ask our Editor
CNW420 is part of the InvestorBrandNetwork.