LANSING, MI — Long lines, heavy demand, temporary shortages and purchase limits highlighted the first week of recreational marijuana sales in Michigan when a handful of licensed businesses rang up $1.63 million in sales.
That translates to nearly $270,414 in tax revenue for Michigan between Dec. 1 and Dec. 8, including a 10% excise and 6% sales tax.
State budget officials are projecting recreational marijuana to become a $1.5 billion-per-year industry by late 2021.
As of Monday, Dec. 9, the state Marijuana Regulatory Agency had issued 10 retail licenses for recreational marijuana. Five of those businesses began making recreational sales last week. The others have said they plan to commence recreational sales soon.
The state Marijuana Regulatroy Agency previously said it expects to license a dozen retail recreational marijuana businesses by the new year.
Nearly 1,400 of Michigan’s 1,773 cities, townships and villages not allowing recreational marijuana business in their communities.
The first $20 million for the first two years after recreational marijuana sales begin is slated to be spent on research focused on marijuana use in health care. The breakdown of the remainder is: 15% to cities, townships or villages that allow recreational business, proportioned based on the number of micro-businesses and retailers; 15% to counties, proportioned based on the number of micro-businesses and retailers; 35% to the School Aid Fund for K-12 education and 35% to the Michigan Transportation Fund for road and bridge repair.
This story was published in MLive.Com