The Michigan Division of the Treasury introduced as we speak greater than $87 million is distributed amongst 269 municipalities and counts as part of the Michigan Regulation and Taxation of Marijuana Act.
Within the subsequent few days, 99 cities, 30 villages, 69 townships and 71 counties will obtain funds from the Marihuana Regulatory Fund. For the state of Michigan 2023 fiscal yr, which means every eligible municipality and county will obtain greater than $59,000 for every licensed retail retailer and microbusiness positioned of their jurisdiction.
“This week, many municipalities and counties in Michigan will start to see their share of grownup marijuana funds seem of their financial institution accounts,” mentioned State Treasurer Rachael Eubanks. “By a partnership, {dollars} obtained from taxes and marijuana charges for adults are distributed to our collaborating communities. These {dollars} may be spent as our native items take into account applicable for his or her wants.”
Income was collected from 737 licensees among the many state's cities, cities and villages throughout fiscal yr 2023. A few of these municipalities host multiple licensed retail retailer and microbusiness.
For the state fiscal yr 2023, there was greater than $290.3 million accessible for distribution from the Marihuana Regulation Fund.
State legislation outlines how a lot is distributed from the Marihuana Regulatory Fund.
Apart from the greater than $87 million in disbursements to municipalities and counties, $101.6 million was despatched to the Faculty Help Fund for Okay-12 schooling and one other $101.6 million to the Michigan Transportation Fund.
“The tax funding for municipalities and counties that comes from the marijuana excise tax is a vital advantage of the authorized hashish business in Michigan,” mentioned the manager director of the Hashish Regulatory Company (CRA), Brian Hanna. “The CRA is dedicated to doing our half to assist our licensees to allow them to proceed to develop the native economic system throughout the state with good paying jobs and elevated income for native authorities budgets.”
For extra data on grownup marijuana tax distributions — together with a breakdown of how a lot municipalities and counties obtained — go to Michigan.gov/RevenueSharing. To study extra about Michigan's grownup marijuana business, go to Michigan.gov/cra.
