MI Could Make Over $700M in Five Years if Weed Becomes Legal
On November 6th, Michiganders will decide if they want to legalize marijuana. Pot smoker or not, the monetary gains for the state are one to be considered.
A new analysis released by the Senate Fiscal Agency predicts that legalized marijuana would bring in $737.9 million by the end of 2023. If passed, the state is expected to make $77 million in its first year of inception.
This estimate is more than double than what was predicted by the Coalition to Regulate Marijuana Like Alcohol, a pro-marijuana group. A spokesperson for the group told MLive that
...the key thing is that Proposal 1 will help the state collect significant and much-needed tax revenue to help fund roads, schools and local communities.
If passed, Proposal 18-1 will allow people 21+ to purchase, possess, use and grow marijuana. It will also impose a 10% excise tax on the product which will go to the following:
- 35% School Aid Fund
- 35% Transportation Fund (repair infrastructure)
- 15% municipalities where marijuana retailer located
- 15% counties where marijuana retailer located
This doesn't even include the money made off of the 6% sales tax.
Not to mention, Snoop Dogg said he would bring his pot shop to Michigan if legalized.
Get more info here before casting your vote on November 6th.