For a long time, the federal government has outlawed cannabis, and it is no question that certain communities have suffered most from its decades’ long law war on marijuana. Aside from creating new job opportunities and producing tax revenue from sales, advocates for legalizing marijuana have argued that legalizing it would be the first step in stopping this unfair persecution. Indeed, several states that have legalized cannabis within their borders have directed substantial funds towards repairing the damage the war on drugs has had on certain communities.
Illinois, for instance, has had a very lucrative legal cannabis scene, and a large percentage of the funds received from cannabis sales tax has been channeled towards good causes. On Tuesday, for instance, the state announced that $31.5 million derived from cannabis sales tax has been made available in restorative justice grants. Last year, Governor J.B Pritzker signed a legalization bill that established a Restore, Reinvest, and Renew [R3] program which was created to provide grant opportunities for ‘communities impacted by economic disinvestment, violence and the severe multilayered harm caused by the war on drugs.’ State law stipulates that 25% of tax revenue from cannabis sales goes to the R3 program.
State regulators were required to identify economically distressed areas around the state where businesses and nonprofits were eligible for the funds which would be used for community assessment, planning initiatives and service delivery. Now that they have, eligible businesses and nonprofits can now access these funds.
“The R3 program is a critical step towards repairing the harms caused by the failed war on drugs and decades of economic disinvestment. Equity is one of the administration’s core values, and we are ensuring that funding reaches organizations doing critical work in neighborhoods most impacted by the war on drugs,” says Lt. Gov. Juliana Stratton.
The tax revenue provided for the R3 program is meant to address five priorities: civil aid, economic development, reentry from the criminal justice system, youth development and violence prevention. “This program will start to close those gaps in areas most hard hit by gun violence, unemployment and criminal justice system overuse. To do so, we are looking to R3 communities for proposals of programs and strategies they identify to best address their needs and challenges,” Jason Stamps, acting director of the Illinois Criminal Justice Information Authority says.
“In developing these funding opportunities, the focus has been on equity in opportunity at the community level.” The deadline to submit applications for the grants is July 20 2020.
This announcement is likely to be received as great news by marijuana companies like Round Meadow Holdings Corp. and Sugarmade Inc. (OTCQB: SGMD) that have always felt that the era of prohibition was particularly hard on some demographics and not others.
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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