Michigan’s Cannabis Buzz: 2023 Sales Over $1B and Getting Higher
Michigan has caught the buzz! The state's marijuana market is blazing a trail of success that is paved in stoned cold cash. The question is, will the Mitten States' miserable roads see fewer pot-holes due to increased pot sales? Will young minds see a better education through edibles? Have counties and municipalities received monies via munchies? Let's clear the haze on the economic impact of Michigan's recreational marijuana sales to date, and stare at the marvel of Michigan's Mary Jane 2023 sales...and stuff.
Michigan Recreational Marijuana Economic Impact
That odor you have been detecting since marijuana's Michigan legalization is the smell of green...money, wafting into Lansing pockets. The latest buzz from the Great Lakes State reveals that legal pot sales have soared past the astonishing $1 billion mark in 2023 alone, and they are getting higher. With the scent still lingering around skeptics and enthusiastic Michiganders alike, and the impressive $1 billion dollar figure fogging our vision, it may be hard to see the positives.
Jobs have flourished. Michigan residents are looking to pot farms as a new career, with over 35,000 marijuana-related positions in the state, according to the Lansing City Pulse. The income tax revenue should be a game changer too...right?
Do Pot-Heads Fill Pot-Holes?
Where does all that tax money go? According to Michigan.gov, this is the breakdown:
(a) 15% to municipalities in which a marihuana retail store or a marihuana microbusiness is located, allocated in proportion to the number of marihuana retail stores and marihuana microbusinesses within the municipality;
(b) 15% to counties in which a marihuana retail store or a marihuana microbusiness is located, allocated in proportion to the number of marihuana retail stores and marihuana microbusinesses within the county;
(c) 35% to the school aid fund to be used for K-12 education; and
(d) 35% to the Michigan transportation fund to be used for the repair and maintenance of roads and bridges.
How much does that mean for Michigan? Take the 10% excise tax coupled with a 6% sales tax, and in 2022 alone the state made about $325 million in tax revenue.
That figure isn't much when you consider Michigan's total 2023 budget for Road and Bridge Programs is $5.1 billion. But let's face it, the Great Lakes State needs every dime, and dime bag, invested it can afford in improving Michigan's roads. So light up if you're so inclined, or reclined. Every bowl packed could be another pot-hole filled.