In Pueblo County, Colorado, recreational cannabis will now be put to good use by helping pay for students’ college education. This new measure is thanks a 5% excise tax on recreational marijuana purchases that Pueblo County voters approved.
According to Reuters, all recreational cannabis bought in Pueblo County will be taxed and the revenue from the sale will create a scholarship fund. Any senior graduating in the county starting in 2017 can apply for a $1,000 scholarship on the condition they attend a local public college (Pueblo Community College or Colorado State University-Pueblo).
There is no other scholarship program like this in the country, according to Paris Carmichael, spokeswoman for Pueblo County.
Carmichael stated: “There are some scholarships that come out of the legal marijuana industry but our preliminary research showed that this is the first to come from tax revenue.’”
By the time the scholarship fund is fully up and running in 2020, the fund will contain an estimated $5 million for college education assistance.
