The Michigan Division of Treasury is distributing greater than $87 million from hashish tax revenues to 269 municipalities. The 99 cities, 30 villages, 69 townships, and 71 counties will obtain greater than $59,000 for each licensed hashish retail retailer and microbusiness in its jurisdiction.
In a statement, State Treasurer Rachael Eubanks mentioned the municipalities can spend the funds to “match their wants.”
“This week, many Michigan municipalities and counties will start seeing their share of adult-use marijuana funds seem of their banking accounts. By a partnership, the {dollars} obtained from the adult-use marijuana taxes and charges are distributed to our collaborating communities.” — Eubanks in a press launch
The income was collected from the state’s 737 hashish licensees through the 2023 fiscal yr throughout which there was greater than $290.3 million out there from the Michigan Marihuana Regulation Fund. One other $101.6 million was despatched to the state’s College Assist Fund for Okay-12 training and one other $101.6 million to the Michigan Transportation Fund.
Hashish Regulatory Company Government Director Brian Hanna known as the hashish excise tax “an important good thing about the authorized hashish trade in Michigan” and famous the company is dedicated to doing its half in supporting hashish licensees “in order that they will proceed to develop the native financial system all through the state with good-paying jobs and elevated revenues for native authorities budgets.”
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