Albuquerque, N.M. The City Council of Albuquerque is looking at a new method to use the cannabis tax revenues.
Klarissa Pena, a councilor in Albuquerque said: “We want to ensure that the funds are properly appropriated.”
The bill is sponsored by the councilor and aims to establish the Marijuana Equity and Community Reinvestment Fund. Cannabis tax revenue brings in an average of $2.8 million to the City per year. If the bill is passed, all that money would be put into this reinvestment account.
Currently, the money is not allocated. She said that the money would go to the general fund, and the goal was to help those who suffered when marijuana was illegal.
The City of Vancouver hired consultants in December 2021 to hold working groups and determine the best way to use cannabis revenues. The group made recommendations that led to this proposal.
Pena said that the money would be used for education, prevention, treatment, and housing.
Also included would be programs to help people reintegrate into society after having been in prison or jail.
The bill also makes it easier for the city to report pot tax revenues, as required by the Tax and Revenue Department of the state.
Councilor Pena stated that it is all about giving.
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Pena said, “Now that it is legal, we would like to give opportunities to those who have been affected.”
According to the City website, the bill is expected to be presented at the City Council meeting on Monday.
