On March 24, 2022, the Michigan Marijuana Regulatory Agency (MRA) announced record-breaking sales numbers in Michigan’s adult-use industry for the previous year. In just the second full year of licensed adult-use marijuana operations, the MRA reported that sales of adult-use marijuana exceeded $1.1 billion for fiscal year 2021.
Local governments are set to receive tens of millions of dollars thanks to the revenue-sharing provisions in the Michigan Regulation and Taxation of Marihuana Act (“MRTMA”). The MRTMA establishes a 10% excise tax on the retail sale of adult-use marijuana. Excise tax revenues are dedicated to Michigan schools and roads, and a significant portion is distributed to local municipalities and counties that have adult-use marijuana retailers and microbusinesses in their jurisdictions.
Continue Reading Michigan Adult-Use Marijuana Sales Exceed $1B in 2021, Creating Millions of Dollars for Schools, Municipalities, and Roads