Colorado State University-Pueblo was approved by county officials on Monday to receive $270,000 in funding for medical marijuana research and impact studies, ABC Denver reports.

The funding will come from the county's marijuana excise tax, and will allocate $220,000 for medical research and $50,000 for studies on the marijuana industry's impact on the local community.

"This is a momentous day," said Pueblo County Commissioner Sal Pace in a statement. "I am incredibly excited to have real quantifiable data about how cannabis is affecting our community."

The university will also receive $900,000 from Colorado's Marijuana Tax Cash Fund to aid their research, due to a new law signed by Gov. John Hickenlooper earlier in June.

Research studies will look into the energy and water consumption needed to grow cannabis, as well as how much tax revenue the industry generates for the county versus the cost of regulations.