Michigan Could Gain Millions in Tax Revenue in Legal Marijuana Market

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Michigan could gain millions in tax revenue in legal marijuana market

Flickr/ Lauren Paulsen/ (CC BY-NC-ND 2.0)

A fully developed legal market for medical marijuana in Michigan could lead to millions of dollars in new state tax revenue.

Exactly how much is open to interpretation, but some analysts’ estimates suggest it could top $63 million a year.

New regulations for the state’s medical marijuana industry, signed by Gov. Rick Snyder and taking effect in December (though a licensing system won’t be active until December 2017), will require a 3 percent excise tax on dispensaries’ gross sales receipts.

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