LANSING, Mich. (WLNS) – The Michigan Department of Treasury is distributing nearly $10 million to more than 100 municipalities and counties as a part of the Michigan Regulation and Taxation of Marijuana Act.
This week, 38 cities, seven villages, 21 townships and 38 counties began receiving payments from the Marihuana Regulation Fund for every licensed retail store and micro business within its jurisdiction. For the state’s 2020 fiscal year, this means each eligible municipality and county will receive around $28,000 for every licensed retail store or microbusiness.
“The revenue generated from marijuana taxes and fees is important to our local governments,” State Treasurer Rachael Eubanks said in a press release.
For the state of Michigan’s 2020 fiscal year, more than $31 million was collected from the 10% adult-use marijuana excise tax. Combined with fees, there was a total of $45.7 million available for distribution from the fund.
Aside from the nearly $10 million in disbursements to municipalities and counties, around $11.6 million will be sent to the School Aid Fund for K-12 education and another $11.6 million to the Michigan Transportation Fund, upon appropriation. The remaining $12.5 million amount will be used toward start-up and administrative costs.
In total, more than $341 million in adult-use marijuana sales was reported for fiscal year 2020.
“The team at the Marijuana Regulatory Agency did a tremendous job getting the adult-use licensing program established and operating efficiently,” said MRA Executive Director Andrew Brisbo in a press release. “Infusing over $28,000 per retailer and microbusiness into local government budgets across the state is very impactful and shows how strong and successful the industry is becoming.”
For more information about adult-use marijuana tax distributions – including a breakdown of how much municipalities and counties received – go to www.Michigan.gov/RevenueSharing. To learn more about Michigan’s adult-use marijuana industry, go to www.Michigan.gov/MRA.