Taxing Marijuana Could Be Michigan’s $63 Million Cash Cow
Taxing medical marijuana could generate tens of millions of dollars and sustain 10,000 jobs for the state of Michigan, according to an economic impact analysis.
Director of economics at Hillsdale College Dr. Gary Wolfram believes taxing marijuana could rake in between $44.3 and $63.3 million per year for the state.
“It will create a robust economy in the sense that it will make a safe place for people who currently have registration,” Wolfram told FOX 17. Wolfram based his estimates on proposed legislative reforms that would tax medical marijuana dispensaries at 3 percent and patients would pay a 6 percent sales tax.
Wolfram believes if two-thirds of Michigan’s medical marijuana patients buy their product from a dispensary the state will net $44.3 million per year.
If Michigan introduces a system that licenses medical marijuana growers, dispensaries, processors, and distributors and gained a 20 percent increase in registered patients, the tax take...
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