Michigan: Creating retail market for medical marijuana would drive tax revenue, job creation, report says
Establishing a regulatory framework for the sale of medical marijuana could generate between $44.3 million and $63.5 million annually in tax revenue for Michigan, according to a new report.
Over time, the industry could create 10,000 jobs through processing plants, growth and testing facilities, delivery services, and dispensaries.
For the report, Dr. Gary Wolfram, director of economics at Hillsdale College, based his findings on a statewide free market plan proposed in a three-bill package currently before the Michigan Legislature. If passed, the legislation would set in place a regulated, private and taxable marketplace for the sale of medical marijuana.
While Michigan voters opted to legalize the drug for medicinal purposes in 2008, its sale has since remained illegal. Currently, law-abiding patients’ only options are to grow their own medical marijuana or work with a registered caregiver. Many patients don’t have the ability to cultivate the plants properly, and the caregiver...
This marijuana news is brought to you by 420 Intel. For the latest breaking cannabis industry news, subscribe to the 420 Intel newsletter. If you'd like to promote your product or service in this area after every article, contact us.
Follow us on Instagram
Connect with us on Linkedin