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.
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