Michigan has collected about $271 million in legal, adult-use marijuana tax revenue since 2019, according to a new report from the Marijuana Policy Project that analyzed tax revenue in states with adult-use cannabis since 2014. In March 2021, the Michigan Treasury described what adult-use cannabis taxes collected in fiscal year 2020 will fund: “[a]side from the nearly $10 million in disbursements to municipalities and counties, around $11.6 million will be sent to the School Aid Fund for K-12 education and another $11.6 million to the Michigan Transportation Fund, upon appropriation. The remaining $12.5 million amount will be used toward start-up and administrative costs.” Eighteen states have laws that legalize, tax, and regulate cannabis for adults 21 and older. A 2020 voter-approved adult-use legalization law in South Dakota was overturned by the state’s Supreme Court in November 2021. Eight of the laws were approved in 2020 or 2021, and in seven of those states, sales and tax collections have either not yet begun (or began within the last week). These figures don’t include medical cannabis tax revenue, application and licensing fees paid by cannabis businesses, additional income taxes generated by workers in the cannabis industry, or corporate taxes paid to the federal government.
Cannabis Business Executive – Cannabis and Marijuana industry news, 01/07/2022 08:50:00