The Michigan Department of Treasury is distributing more than $87 million from cannabis tax revenues to 269 municipalities. The 99 cities, 30 villages, 69 townships, and 71 counties will receive more than $59,000 for every licensed cannabis retail store and microbusiness in its jurisdiction.
In a statement, State Treasurer Rachael Eubanks said the municipalities can spend the funds to “fit their needs.”
“This week, many Michigan municipalities and counties will begin seeing their share of adult-use marijuana payments appear in their banking accounts. Through a partnership, the dollars received from the adult-use marijuana taxes and fees are distributed to our participating communities.” — Eubanks in a press release
The revenue was collected from the state’s 737 cannabis licensees during the 2023 fiscal year during which there was more than $290.3 million available from the Michigan Marihuana Regulation Fund. Another $101.6 million was sent to the state’s School Aid Fund for K-12 education and another $101.6 million to the Michigan Transportation Fund.
Cannabis Regulatory Agency Executive Director Brian Hanna called the cannabis excise tax “a very important benefit of the legal cannabis industry in Michigan” and noted the agency is committed to doing its part in supporting cannabis licensees “so that they can continue to grow the local economy throughout the state with good-paying jobs and increased revenues for local government budgets.”
Get daily cannabis business news updates. Subscribe
End
