During budget negotiations last year, Michigan’s elected officials stunned the state’s seven-year-old marijuana industry with a new 24% wholesale tax. Despite the new tax, the average price of flower fell to a record low in June, while THC vape products remained near historic lows.
The first $34 million collected from the tax, which took effect Jan. 1, fell well short of the pace needed to generate the projected $420 million annually for local road projects.
