Michigan communities getting $59.5 million in marijuana tax funds

(WXYZ) — The Michigan Division of Treasury is getting ready to launch $59.5 million to 224 municipalities and counties throughout that state.

The distribution is a part of the Michigan Regulation and Taxation of Marijuana Act which supplies greater than $51,800 in funds for to communities for each licensed retail retailer and microbusiness positioned inside its jurisdiction. The funds being dispersed are for Michigan’s 2022 fiscal yr and can go to 81 cities, 26 villages, 53 townships, and 64 counties.

“Municipalities and counties will start seeing these funds seem of their banking accounts,” State Treasurer Rachael Eubanks mentioned in a information launch. “By way of a partnership, the {dollars} obtained from the adult-use marijuana taxes and charges are distributed to our taking part communities.”

The cash comes from income collected from 574 licensees among the many state’s cities, villages, and townships in the course of the 2022 fiscal yr. Some municipalities have a couple of licensed retail retailer and microbusiness.

State legislation governs distributions from the Marihuana Regulation Fund. Beneath these laws, $198.4 million is offered for distribution.

Along with the $59.5 million going to municipalities and counties, $69.4 million was distributed to the College Assist Fund for Okay-12 schooling and one other $69.4 million went to the Michigan Transportation Fund.

Greater than $1.8 billion in marijuana gross sales had been reported in 2022.

You possibly can see a breakdown of the neighborhood disbursement beneath:

FY 2022 Grownup Use Marijuana Funds 2-23-23 by WXYZ-TV Channel 7 Detroit on Scribd