Connecticut Gov. Ned Lamont on Tuesday formally announced the start of legal cannabis sales to adults 21 and over in a move expected to create hundreds of jobs. More than half of the tax revenue from cannabis will go toward a new fund to invest in neighborhoods damaged by the War on Drugs. “Now…there is a legal alternative to the dangerous, unregulated, underground market for cannabis sales,” Lamont said in a statement.  The program is overseen by the Connecticut Department of Consumer Protection. Taxes to be levied include the state’s 6.35% sales tax, a 3% sales tax dedicated to the city or town where the sale occurs, and a tax based on THC content that will cost about 10% to 15% of the sale price. Initially, nine dispensaries have been licensed in the state. The AdvisorShares Pure U.S. Cannabis ETF MSOS is up 0.4% in recent trades.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.