Adult-use cannabis sales in Michigan topped $1.8 billion during the 2022 fiscal year, according to the Michigan Department of Treasury. Municipalities that have opted into sales – 224 in all – will receive a share of $59.5 million from cannabis excise taxes collected on sales.
For the state’s 2022 fiscal year, each eligible municipality and county will receive more than $51,800 for every licensed retail store and microbusiness located within its jurisdiction, the Treasury Department said, noting that some municipalities host more than one licensed cannabis business.
Recipients of the tax revenues include 81 cities, 26 villages, 53 townships, and 64 counties.
In a statement, Cannabis Regulatory Agency (CRA) Executive Director Brian Hanna said that the funding that makes its way to local governments “is an important benefit of the regulated cannabis industry and the CRA is committed to doing our part in supporting our law-abiding licensees.”
In all, $198.4 million from excise taxes is available for distribution. In addition to the $59.5 million headed to municipalities and counties, $69.4 million was sent to the School Aid Fund for K-12 education, and $69.4 million was sent to the Michigan Transportation Fund, according to the Treasury Department.
The revenue was collected from 574 licenses throughout the state.
Get daily cannabis business news updates. Subscribe