The mayor of Denver, Colorado, wants to direct a portion of marijuana sales tax revenue toward a new $50 million loan fund to help minority investors join the city’s recreational cannabis industry.
Mayor Michael Hancock’s proposal also includes working with the financial industry. Recreational marijuana sales commenced in Colorado on Jan. 1, 2014.
“History exposes an amazing imbalance when it comes to this industry,” Hancock said in his annual state of the city address. “Many investors in the industry are White and male. At the same time, many people of color are still weighed down by past convictions for possession of marijuana and, as a result, they are barred from entering the industry.
– Read the entire article at Bloomberg News.