Detroit gets $2 million in marijuana tax revenue; $87 million going to 269 Michigan municipalities
(CBS DETROIT) - The state of Michigan is distributing $87 million in marijuana tax revenue to 269 different municipalities, and the city of Detroit will receive $2 million.
These payments are made available through the Michigan Regulation and Taxation of Marijuana Act.
According to a release from the Michigan Department of Treasury, 99 cities, 30 villages, 69 townships and 71 counties will receive payments from the regulation fund over the next few days.
Each eligible municipality will get more than $59,000 for every licensed retail store and micro business.
"This week, many Michigan municipalities and counties will begin seeing their share of adult-use marijuana payments appear in their banking accounts," State Treasurer Rachael Eubanks said. "Through a partnership, the dollars received from the adult-use marijuana taxes and fees are distributed to our participating communities. These dollars may be spent how our local units deem fit to their needs."
In the 2023 fiscal year, more than $290 million was available for distribution from the fund.
In addition to this $87 million that is getting distributed, the School Aid Fund for K-12 education in Michigan is getting $101.6 million, and the Michigan Transportation Fund is getting $101.6 million.
"The tax funding for municipalities and counties that comes from the marijuana excise tax is a very important benefit of the legal cannabis industry in Michigan," said Cannabis Regulatory Agency (CRA) Executive Director Brian Hanna. "The CRA is committed to doing our part in supporting our licensees so that they can continue to grow the local economy throughout the state with good-paying jobs and increased revenues for local government budgets."
The state put together a breakdown of how much funding each municipality received.
