Cannabis Tax Funds Sent to Municipalities and Counties in Michigan

Cannabis Tax Funds Sent to Municipalities and Counties in Michigan
High Times

On March 24, the Michigan Department of Treasury announced that $42.2 million in cannabis excise tax funds will be given to various cities, townships and counties in Michigan. These funds were collected during the 2021 fiscal year, with eligible municipalities and counties receiving funds for having retail stores or microbusinesses within its boundaries. Michigan’s Marijuana Regulatory Agency Executive Director Andrew Brisbo shared that he’s proud to see how the state’s cannabis income is contributing to local communities. “It’s rewarding to see that the agency’s balanced regulatory approach is effectively protecting consumers while still allowing Michigan businesses to grow and thrive,” said Brisbo. “The funding provided directly to local governments—and the thousands of jobs created across the state—show that Michigan is leading the way in the cannabis industry.” Each municipality or county is eligible to “receive more than $56,400 for every licensed retail store and microbusiness located within its jurisdiction.” The $42.2 million cannabis tax funds were collected from a total of 374 cannabis business licensees across the state, and will be divided between 62 cities, 15 villages, 33 townships and 53 counties. State Treasurer Rachael Eubanks said in a press release that these funds will be given to the chosen municipalities and counties soon. “The Michigan Department of Treasury will distribute these dollars as soon as practical to eligible local units of government,” said Eubanks. “The doubling of this year’s payment amounts will have a larger impact on local government budgets.” Through the state’s 10% cannabis excise tax, over $111 million was collected in 2021 with a total of $172 million available for allocation. Additionally, $49.3 million was set aside for the School Aid Fund for K-12 education, and $49.3 million went toward the Michigan Transportation Fund. In 2021, $10 million of the state’s cannabis excise tax funds were sent…

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Source : Cannabis Tax Funds Sent to Municipalities and Counties in Michigan

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