Michigan begins $59.5M distribution of cannabis tax

 The Michigan Department of Treasury announced Tuesday that more than $59.5 million is being distributed among 224 municipalities and counties as a part of the Michigan Regulation and Taxation of Marijuana Act.

For the 2022 state fiscal year, there was $198.4 million available for distribution from the Marihuana Regulation Fund.

Over the next few days, 81 cities, 26 villages, 53 townships and 64 counties will receive payments from the Marihuana Regulation Fund. For the state of Michigan’s 2022 fiscal year, this means each eligible municipality and county will receive more than $51,800 for every licensed retail store and microbusiness located within its jurisdiction.

Aside from the more than $59.5 million in disbursements to municipalities and counties, $69.4 million was sent to the School Aid Fund for K-12 education and another $69.4 million to the Michigan Transportation Fund.

In total, more than $1.8 billion in adult-use marijuana sales was reported for Fiscal Year 2022.

“Municipalities and counties will begin seeing these payments appear in their banking accounts,” State Treasurer Rachael Eubanks said. “Through a partnership, the dollars received from the adult-use marijuana taxes and fees are distributed to our participating communities.”

Revenue was collected from 574 licensees among the state’s cities, villages and townships during the 2022 fiscal year. Some of these municipalities host more than one licensed retail store and microbusiness.

State law outlines how much is distributed from the Marihuana Regulation Fund.

For more information about adult-use marijuana tax distributions – including a breakdown of how much municipalities and counties received – go to Michigan.gov/RevenueSharing. To learn more about Michigan’s adult-use marijuana industry, go to Michigan.gov/cra.

 

Source:  https://www.wilx.com/2023/02/28/state-begins-595m-distribution-marijuana-tax/

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