The Michigan Department of Treasury recently reported that during the state’s fiscal year of 2022, sales of cannabis for adults in Michigan had reached $1.8 billion, resulting in $59.5 million paid in cannabis excise taxes that was split between 224 municipalities across the state.
Eligible local governments and counties are set to receive an average of $51,800 for each licensed retail store or microbusiness located within their area, which could amount to even more if there were multiple businesses within the same municipality.
In addition to providing funds to local governments and counties, these taxes also brought in a total of $198.4 million that was distributed across a few different organizations and funds such as the K–12 School Aid Fund and the Michigan Transportation Fund. This money came from 574 licenses spread out throughout the state.
The Executive Director of the Cannabis Regulatory Agency (CRA), Brian Hanna, said that this is an important benefit of having regulated cannabis industry and they will continue to do their part by supporting law-abiding licensees.