TULSA, Okla. — Hundreds of thousands of dollars are set to go to Oklahoma schools, but all that money is just sitting around.
It's money collected from taxes on medical marijuana sales - 7% of all sales going to the Oklahoma Medical Marijuana Authority's budget. The OMMA is the body that processes all the applications dealing with medical marijuana.
Once the budget is filled, 75% of the runoff goes to education.
The OMMA's $5.8 million budget was filled and then some in fiscal year 2019, according to the OMMA. Education is set to receive more than $767,000.
But the OMMA only collects the money; Oklahoma's legislature has to decide how it's distributed into education. That will happen during the legislative cycle beginning in February.
This year's OMMA budget is much larger than last year's ($25.7 million for FY 2020 versus $5.8 million in 2019), and they've already collected more than 65% of it ($16.9 million collected), just halfway through the fiscal year.
At that rate, education next year could receive $6 million in excess funds.
Stay in touch with us anytime, anywhere.
Download our free app for Apple and Android and Kindle devices.
Sign up for newsletters emailed to your inbox. Select from these options: Breaking News, Severe Weather, School Closings, Daily Headlines and Daily Forecasts.
