Michigan: distributes first $10 million from recreational marijuana taxes to municipalities

State officials are releasing nearly $10 million for more than 100 municipalities across the state that have allowed recreational marijuana dispensaries and microbusinesses.

It’s the first tax revenue being distributed to local governments that allow recreational cannabis businesses under the Michigan Regulation and Taxation of Marijuana Act, which was approved by voters in 2018.

Thirty-eight cities, seven villages, 21 townships and 38 counties started receiving payments this week from a state fund that — for fiscal year 2020 — includes roughly $28,000 for each retail store and microbusiness allowed to operate as of Sept. 30, 2020. The state had issued licenses to 178 retailers and microbusinesses in that time.

The state reported more than $341 million in recreational cannabis sales in fiscal year 2020.  

Michigan Marijuana Regulatory Agency Executive Director Andrew Brisbo said in a statement that the $28,000 directed to local governments for each retailer and microbusiness is “very impactful and shows how strong and successful the industry is becoming.”

Read ful story at. https://mibiz.com/sections/economic-development/state-distributes-first-10-million-from-recreational-marijuana-taxes-to-municipalities

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