Michigan pot sales totaled $341 million in 2020 - see where it benefits the state
LANSING, Mich. - Michigan marijuana retailers made a pretty penny and then some during their first full year of selling recreational pot to residents.
FILE: This photograph taken on April 22, 2019, shows a type of cannabis in a bag at Cremers Coffee Shop in The Hague. (Photo by ROBIN VAN LONKHUIJSEN/AFP via Getty Images)
In total, $341 million in adult-use marijuana sales were reported during 2020, one of the few bright marks from a year plagued by financial pain for small businesses and local governments.
A good chunk of that money will head to many of Michigan's towns and cities, while about $11 million will be distributed to the school aid fund and the transportation fund.
"In this extraordinary time, our staff is working to get those payments to impacted municipalities and counties. Every dollar helps right now," said State Treasurer Rachael Eubanks.
The treasury department announced Thursday that $31 million has been collected from the 10% excise tax on recreational purchases of cannabis. Here's how the money will be divied up:
- $10 million goes to more than 100 municipalities
- $11.6 million goes to the School Aid Fund
- $11.6 million to the Michigan Transportation Fund
- $12.5 million will go toward administrative and start-up costs
When recreational marijuana was legalized via ballot initiative in 2018, regulators decided that a 10% excise tax on all sales would be distributed to local cities, Michigan schools, and improving state roads.
Any tax revenue earned will send 15% to municipalities and counties that have a licensed marijuana retail store and 35% to schools and road maintenance.
Dozens of cities, villages, townships, and counties will receive a part of the available $10 million. The money will be divided up by the number of marijuana retail stores and microbusinesses licensed in each municipality. This year, that comes out to about $28K per issued license.
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"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. "Infusing over $28,000 per retailer and micro-business into local government budgets across the state is very impactful and shows how strong and successful the industry is becoming."
See which locations were selected and how much money they'll be getting here.