The Michigan Department of Treasury says it will distribute more than $42.2 million next week to 163 municipalities and counties thanks to taxes collected from the Michigan Regulation and Taxation of Marijuana Act.
In a press release, the department says that comes out to more than $56,400 for every licensed retail store and microbusiness located within the municipalities.
The department says revenue was collected from 374 licensees during the 2021 fiscal year, which generated more than $111 million from the 10% adult-use marijuana excise tax. The revenue also generated $49.3 million for the School Aid Fund for K-12 education and $49.3 million to the Michigan Transportation Fund.
More than $1.1 billion in adult-use marijuana sales was reported for fiscal year 2021, the department says.
“It’s rewarding to see that the agency’s balanced regulatory approach is effectively protecting consumers while still allowing Michigan businesses to grow and thrive,” Marijuana Regulatory Agency executive director Andrew Brisbo said in a statement. “The funding provided directly to local governments — and the thousands of jobs created across the state — show that Michigan is leading the way in the cannabis industry.”
The payments will help out local government’s budgets — but not in Detroit, which still does not allow adult-use dispensaries, though a new ordinance proposed by Councilman…
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The Michigan Department of Treasury says it will distribute more than $42.2 million next week to 163 municipalities and counties thanks to taxes collected from the Michigan Regulation and Taxation of Marijuana Act.
In a press release, the department says that comes out to more than $56,400 for every licensed retail store and microbusiness located within the municipalities.
The department says revenue was collected from 374 licensees during the 2021 fiscal year, which generated more than $111 million from the 10% adult-use marijuana excise tax. The revenue also generated $49.3 million for the School Aid Fund for K-12 education and $49.3 million to the Michigan Transportation Fund.
More than $1.1 billion in adult-use marijuana sales was reported for fiscal year 2021, the department says.
“It’s rewarding to see that the agency’s balanced regulatory approach is effectively protecting consumers while still allowing Michigan businesses to grow and thrive,” Marijuana Regulatory Agency executive director Andrew Brisbo said in a statement. “The funding provided directly to local governments — and the thousands of jobs created across the state — show that Michigan is leading the way in the cannabis industry.”
The payments will help out local government’s budgets — but not in Detroit, which still does not allow adult-use dispensaries, though a new ordinance proposed by Councilman…
