A controversial Michigan marijuana wholesale tax went into effect Jan. 1, putting an extra 24% charge on the books for distributors.
The tax was put in place to pay for road work, but a bipartisan group of some senators wants to see the marijuana tax structure returned to what voters approved in 2018. Analysts projected the wholesale tax could bring in more than $400 million, though the cannabis industry and independent reports questioned whether that would actually materialize.
Now, new Cannabis Regulatory Agency data shows a steep drop-off in revenue, from $269.2 million in December to $226.4 million January, a 16% decline.
