Michigan cannabis sales topped $1 billion during the fiscal year 2021 which equates to $42.2 million distributed to the state’s municipalities, the Oakland Press reports. In the fiscal year, the state collected $111 million from the 10% excise tax on cannabis sales and other fees and the state had $172 million available for distribution from the Marijuana Regulation Fund.
State Treasurer Rachael Eubanks said the funds represent a “doubling” over last year’s payment amounts which she said, “will have a larger impact on local government budgets.”
In all, 62 cities with 262 adult-use cannabis retailers and microbusiness licensees will split $14.7 million; 15 villages with 31 adult-use cannabis retailers and microbusiness licensees will split $1.7 million; 33 townships with 81 adult-use cannabis retailers and microbusiness licensees will split $4.5 million, and 53 counties with 374 adult-use cannabis retailer and microbusiness licensees will split $21.1 million, the report says.
Another $49.3 million from cannabis taxes and fees will be sent to the School Aid Fund for K-12 education and another $49.3 million to the Michigan Transportation Fund once appropriated by lawmakers. The remaining $31.2 million will be used toward start-up and administrative costs.
Marijuana Regulatory Agency Executive Director Andrew Brisbo told the Press that it is “rewarding to see that the agency’s balanced regulatory approach is effectively protecting consumers while still allowing Michigan businesses to grow and thrive.”
“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,” he said.
The post Michigan Cannabis Sales Reach $1B During Fiscal Year 2021 appeared first on Motagistics Seed to Sale Tracking.
National Cannabis Bureau
Author: terry roston
