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Detroit has approved an ordinance that green-lights the licensing process for adult-use marijuana businesses.
According to Click On Detroit, the Detroit City Council voted unanimously to begin granting licenses to adult-use retailer establishments, growers, processors, safety compliance facilities, temporary marihuana events, microbusinesses, consumption lounges and transporters.
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The ordinance comes almost two years after adult-use cannabis became legalized in the state.
Recreational marijuana sales were delayed in the city in an attempt from the City Council to ensure that marijuana legalization would benefit the people most hurt by prohibition.
Special Benefits For “Legacy Detroiters”
The ordinance includes measures to benefit “Legacy Detroiters” and people with prior marijuana convictions.
Via a social equity program included in the ordinance, 50% of all licenses will be granted to Detroit Legacy applicants. To qualify as a Legacy Detroiters, applicants must be able to prove that they have lived in the city for 15 of the last 30 years or 13 of the last 30 years if they are low income. Those who have lived in Detroit for 10 of the last 30 years and have a prior marijuana conviction also qualify.
“We have taken major steps to address the inequities found in the city’s current medical marijuana industry and included provisions that provide genuine opportunity for Detroiters to create generational wealth,” said Detroit City Council member James Tate.
Earlier this year Tate stated that many medical marijuana shops were owned by people from outside the city.
Legacy Detroiters will benefit from reductions in local licensing fees, a six-week exclusive early licensing period and the ability to purchase certain city-owned property — to be used for adult-use facilities — at 25% of fair market value.
Fiscal revenue from the inclusion of recreational marijuana is expected to add between $7 million and $8 million annually to Detroit’s city Budget.
Image by Peter Mol from Pixabay
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.