Sales of legal cannabis in Michigan contributed $266.2 million in tax revenue to the government during the most recent fiscal year, according to a new report from the legislature’s nonpartisan House Fiscal Agency. That’s more than the state made from the sale of beer, wine, and liquor combined.
Tax from sales of adult-use cannabis was up 49.1 percent in the fiscal year 2022–23, which ended in October, compared to $178.6 million collected the year before. That amounted to an additional $87.6 million in state revenue from cannabis sales compared to the prior 12 months.
Of all the major tax revenues itemized in the House Fiscal Agency report published last week, none grew at a faster rate than cannabis revenue. Adult-use cannabis products are subject to a 10 percent state excise tax, which accounts for $266.2 million. Products also incur the state’s standard 6 percent sales tax, which works out to an additional $159.7 million in revenue from legal cannabis transactions.
Looking at the cannabis excise tax alone, cannabis was responsible for nearly 0.8 percent of total state revenue recorded in the annual report. Including sales tax, the share works out to about 1.3 percent of total revenue.
Read more at marijuanamoment.net