NewsU.S.

Connecticut Lawmakers to Hold Hearing TODAY on Proposal to Tax Adult Cannabis Sales, Distribute Revenue to Underserved Communities

Statement below from Kebra Smith-Bolden of the Connecticut Coalition to Regulate Marijuana, who will be testifying in favor of SB 1138

HARTFORD, Conn. — The Connecticut Joint Committee on Finance, Revenue and Bonding will hold a hearing today on a proposal to tax adult cannabis sales and distribute the revenue to underserved communities. It is scheduled to begin at 11:30 a.m. ET in Room 2E of the Legislative Office Building.

SB 1138 would establish a state gross receipts tax of 6.35% on retail cannabis sales for adult use; a state tax on transfers from growers of ($35 per ounce for cannabis flower and $13.50 per ounce for trim); and a 3% local option tax on retail sales. All of the state tax revenue would be distributed to the Community Development Corporation Trust Fund, which funds early literacy education and community development corporations that focus on improving the lives of people living in economically distressed and underserved communities. Local tax funds would go to the localities where the retail sales occurred. A detailed summary of SB 1138 is available at http://bit.ly/CT-SB1138.

A separate bill to legalize possession of cannabis for adults 21 and older and expunge records for past marijuana possession convictionsSB 1085, was approved by the Judiciary Committee on April 8. A third bill, HB 7371, which would regulate the production and sale of cannabis for adult use, was approved by the General Law Committee on March 25. Links to summaries of the bills are available at https://www.regulatect.org/pending-bills.

“Regulating and taxing cannabis sales will generate significant new revenue for our state and local governments,” said Kebra Smith-Bolden, co-director of the Connecticut Coalition to Regulate Marijuana, who will be testifying in favor of the bill Monday. “Under the proposed plan, virtually all of the funds will be directed to the communities that have been most devastated by cannabis prohibition. For decades, minority and low-income individuals have been disproportionately affected by marijuana enforcement and the war on drugs. It is fitting that they be the ones who benefit from cannabis tax revenue following legalization.

“We would like to thank the co-chairs of the finance committee for taking the most impacted communities into consideration with respect to revenue distribution,” Smith-Bolden said. “Equity is an important goal in the process of ending the prohibition of marijuana in Connecticut and across the country.”

Tags
Show More

Richard Lowe

Richard Lowe is a 14-year veteran of the financial sector with licenses as a commodity broker (Series 3) and investment advisor representative (IAR Series 65). Along with a focus on raising capital for the firms he was employed with, he also wrote and edited much of the content published by them. He holds a BA in Journalism from the University of Massachusetts. He has been a longtime advocate for marijuana legalization due to the social injustices associated with marijuana prohibition and the strong potential for the medicinal benefits of cannabis.

Related Articles

Leave a Reply

Back to top button
Close
Close