Michigan officials have announced that they will be distributing more than $290,000,000 in marijuana tax revenues to localities, schools public and a transportation funds.
The Department of Treasury announced on Thursday that the state will provide $87 million to 269 municipalities, and $101.6 million for education and transportation.
This is another significant increase in the cannabis tax-funded expenditures that are required by the state’s legalization of adult use law. In 2022, Michigan will distribute about $150 million to the three funding buckets.
The Department of Justice announced that in the next few days, 99 cities, 30 village, 69 townships, and 71 counties would receive payments from the Marihuana Regulation Fund. Localities will receive $59,000 per cannabis retailer or microbusiness operating within their jurisdiction.
In a recent press release, State Treasurer Rachael Ebanks stated that many Michigan counties and municipalities will see their payments for adult-use marijuana appear in their bank accounts this week.
She said, “Through partnerships, the dollars collected from adult-use marijuana tax and fees are distributed among our participating communities.” “These dollars can be spent however our local units see fit.”
Adult-Use Marijuana Payments Being Distributed to Michigan Municipalities and Counties; More Than $87 Million Going to 269 Municipalities and Counties https://t.co/cHZelXTfkw. #Marijuana pic.twitter.com/16Uod6hzqX
Michigan Department of Treasury February 29th, 2024
Tax revenue from the legal marijuana sales in the State , which will total more than $3 billion by 2023.
Last November, state officials reported that taxes from legal marijuana sales grew by 49 per cent from the previous year. This revenue exceeded the revenue generated from alcohol sales. The state of Michigan charges a 10% excise tax on marijuana sales, which is among the lowest in the country. There’s also a 6% sales tax.
Brian Hanna , Executive Director of the Cannabis Regulatory Agency in Michigan (CRA), said that the tax revenue for municipalities and counties derived from the marijuana excise taxes is a very significant benefit. The CRA is dedicated to supporting our licensees to help them grow the local economy in Michigan with well-paying jobs, and increase revenue for local government budgets.
—
Marijuana Moment tracks more than 1,000 cannabis and drug policy bills that have been introduced in state legislatures, and Congress. Patreon supporters who pledge at least $25/month gain access to our interactive charts, maps and hearing calendar.
Discover more about our marijuana bills tracker. Become a Patreon supporter to gain access.
—
The Cannabis Regulation and Regulatory Authority (CRA) announced a new grant program for social equity late last year. This program will provide $1 million in grants to marijuana businesses that meet certain criteria.
In other parts of Michigan’s legal marijuana landscape, a change approved by the state Civil Service Commission in July took effect in October . This ended pre-employment cannabis testing for most government workers . This change also allowed those who have already been penalized for positive THC test to get the sanction rescinded retroactively.
Michigan Gov. Gretchen Whitmer, a Democrat, signed two bills into law that would allow state-licensed cannabis businesses to trade with tribal cannabis entities. Both bills took immediate effect.
The Michigan Chamber of Commerce stated last month that the recent spate of break-ins to legal marijuana retailers in Michigan highlights the need for federal banking reform. This, according to the group, would reduce the risk of theft and fraud resulting from the industry’s current reliance upon cash.
Virginia GOP Gov. Still Has ‘No Interest’ In Signing Marijuana Sales Act As Democratic Legislature Approves
The article Michigan Officials Announce 290 Million Dollars in Marijuana Tax Funds for Cities, Schools and Transportation first appeared on Marijuana Moment.
