Oklahoma to vote on adult use cannabis in March – Cannabis Hemp Blog

Oklahoma Governor Kevin Stitt said Tuesday that State Question 820 to legalize adult-use cannabis will go before voters in a special election on on March 7. The referendum includes the introduction of a 15% excise tax on recreational use sales, above applicable sales taxes, to fund implementation of the law. Any surplus revenue will go toward public school programs to address substance abuse and improve student retention, as well as the state’s general revenue fund and drug addiction treatment programs. Oklahoma voters approved medical cannabis in 2018 with State Question 788. Oklahoma has nearly 400,000 medical patients as of May. The program has generated more than $350 million in excise and sales tax revenue. On Nov. 1, the Oklahoma Medical Marijuana Authority will become an independent state agency.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *