The high school students who are getting ready for college in the Pueblo County can now apply for the first cannabis-sponsored scholarship in the world. This is the first marijuana-funded scholarship in the world, which has started admitting application forms for its first full-year funding.
Just a day ago, the commissioners of the county announced that they are presently accepting scholarship applications, managed by the PHEF (Pueblo Hispanic Education Foundation) and Pueblo County. If you are a localite of the Pueblo County, a graduating senior (2017, and a future pupil at CSU-Pueblo (or Pueblo Community College), you are automatically qualified.
This scholarship is expected to have funding of almost $475,000 for college freshmen beginning school this fall – around $425,00 from marijuana excise tax revenue, and an additional $49,664 from the COSI (Colorado Opportunity Scholarship Initiative). Applications will be given from April 30, 2017.
These funds from the state would not be accessible if there’s no local match, which was made feasible by the marijuana-funded scholarship program. Candidates can apply simultaneously for both the funds in the same form.
In the last few years, around 300 – 400 incoming freshmen have finished their local high schools and got admitted to a local college in the county. The rest of the funds will be segregated depending on the needs and merit.
The commissioners’ board is expecting that scholarship of around $1,000 will be offered for every eligible graduating high school student who lives in the county. Pupils should fill the application form to get the scholarship.
A 2015 ballot initiative created this Pueblo County Scholarship Fund. A minimum 50% of all cannabis excise tax that was collected in the county is allotted to the fund. The rest of the revenue is allotted to the community improvement projects.
The cannabis excise tax of Pueblo County is a tax on all cannabis cultivated in the county. The tax is imposed on the cannabis cultivator just once when the cannabis is initially sold or transferred to a manufacturer or retail store. This county has been collecting such a tax by approval from the voters since January 1, 2016. Presently, the rate of excise tax is at 2% and will rise by 1% annually till a 5% rate is accomplished. More than 50% of the collected tax has to go to the funds of Pueblo County Scholarship.
It’s not surprising that Pueblo County has been leading not only America, but also the world in terms of cannabis policies.
