The state Cannabis Regulatory Commission held three public hearings to collect testimony that will be used to allocate social equity fees generated by legal marijuana sales.
Many different ideas were proposed for how the money may be used, from buying baby bonds for children of low-income families to assisting Black maternal healthcare facilities to establish a fund to assist those hurt by the war on drugs.
“For me, success for using these dollars will be measured by how well communities most harmed by the failed war on drugs are provided transformative opportunities for economic growth, generational wealth, and improved living standards,” said Commissioner Barker. “I look forward to listening to the ideas residents and organizations bring to us for making lives better across New Jersey.”
New Jersey has had a legal marijuana market for about seven months, and since then the state has seen the opening of twenty dispensaries, with hundreds more expected. The Cannabis Regulatory Commission held public hearings this week for the second time on how to invest social equity fees.
Since the first legal sale on April 21, the state government has received approximately $11.9 million in tax income. The committee is currently tallying its quarterly social equity fee income. Social equity fees amounted to $200,000 out of the almost $80 million in sales that were recorded between April and June 30.
The next meeting of the commission is scheduled for 2 December at 1 PM. The hearing will be the first in-person meeting since 2020, but it will be broadcast online via YouTube. The public is welcome to either speak their minds in person or give written testimony.