Explanation
This ordinance establishes the Cannabis Host Community Special Revenue Fund, into which revenue derived from the taxation of recreational cannabis sales shall be deposited.
State Issue 2, allowing for the sale of recreational cannabis and its derivatives, was approved by voters statewide on November 7, 2023. Now codified in Ohio Revised Code Chapter 3780, sales of recreational cannabis will be subject to an adult use tax of 10% by the State of Ohio. Of that revenue, 36% is required to be remitted to cities and municipalities that host recreational cannabis retailers within their corporate boundaries.
The city’s Cannabis Host Community Special Revenue Fund shall be the fund into which any revenue received by the city in accordance with ORC Chapter 3780 will be deposited.
Title
To establish the Cannabis Host Community Special Revenue Fund.
Body
WHEREAS, State Issue 2, allowing for the sale of recreational cannabis and its derivatives, was approved by voters statewide on November 7, 2023; and
WHEREAS, sales of recreational cannabis will be subject to an adult use tax of 10% by the State of Ohio; and
WHEREAS, 36% of the revenue derived through the adult use tax is required to be distributed to cities and municipalities that host recreational cannabis retailers within their corporate boundaries; and
WHEREAS, the city’s Cannabis Host Community Special Revenue Fund shall be the fund into which any revenue received by the city in accordance with ORC Chapter 3780 will be deposited; now, therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That there is hereby established the Cannabis Host Community Special Revenue Fund.
SECTION 2. That the Auditor shall deposit all proceeds associated with Ohio Revised Code Section 3780.23 into the Cannabis Host Community Special Revenue Fund.
SECTION 3. That cannabis tax revenue will be committed for a specific purpose to be defined by future legislation adopted by Council.
SECTION 4. That this ordinance shall take effect at the earliest date allowable by law.