Michigan’s Cannabis Opt-Ins to Receive $42.2 Million

Michigan’s Cannabis Opt-Ins to Receive .2 Million
Cannabtimes

<![CDATA[More than 160 municipalities participating in Michigan’s adult-use cannabis program will be the beneficiaries of $42.2 million set aside in a fund under the state’s Regulation and Taxation of Marihuana Act (MRTMA). That list includes 62 cities, 15 villages, 33 townships and 53 counties that will receive $56,453.44 for each retail store or microbusiness licensed within their jurisdictions, based on revenues collected in fiscal 2021, according to the Michigan Department of Treasury. Overall, those municipalities had 748 licensees combined (with each license counting both toward a city, village or township, as well as a county). For example, Ann Arbor, which had 25 licensees for the year, will receive more than $1.4 million from the shared revenue fund, while Washtenaw County as a whole had 32 licensees (including Ann Arbor’s 25) and therefore will receive more than $1.8 million. “The Michigan Department of Treasury will distribute these dollars as soon as practical to eligible local units of government,” state Treasurer Rachael Eubanks said in a statement. “The doubling of this year’s payment amounts will have a larger impact on local government budgets.” The fiscal 2021 shared revenue amount is more than double the $28,000 municipalities received per license in fiscal 2020. As part of the state’s revenue sharing program under 2018’s passage of MRTMA, tax revenue generated from the Michigan’s adult-use program are distributed as follows: 15% to municipalities in which a cannabis retail store or a cannabis microbusiness is located, allocated in proportion to the number of cannabis retail stores and cannabis microbusinesses within the municipality.15% to counties in which a cannabis retail store or a cannabis microbusiness is located, allocated in proportion to the number of cannabis retail stores and cannabis microbusinesses within the county.35% to the School Aid Fund to be used for K-12 education.35% to the Michigan…

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Source : Michigan’s Cannabis Opt-Ins to Receive .2 Million

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