The annual tax benefits of adult-use legalization in Michigan would be about $134 million per year, according to an economic study commissioned and recently released by The Coalition to Regulate Marijuana Like Alcohol.
Specifically, the study found that Michigan would see $520 million in cannabis taxes during the first five years of a comprehensive cannabis marketplace, capping at $134 million annually by 2023.
Michigan's legalization initiative, Proposal 1, seeks to legalize cannabis possession, cultivation, and use. It would also establish a taxed-and-regulated marketplace for cannabis products. Under the proposal, adults who are 21 or older would be allowed to buy, carry, and give away up to 2.5 ounces of cannabis and/or its derivatives, including a maximum of 15 grams of concentrate. The bill would also legalize the home cultivation of up to 12 cannabis plants.
It is one of the laxest legalization proposals to date.
Proposal 1 would also entail a 10 percent excise tax on retail sales and a six percent sales tax; tax dollars from the cannabis market would go towards road infrastructure, schools, and local governments, campaign spokesperson Josh Hovey has told reporters.
Under the proposal, local municipalities would also be allowed to ban industry operations and employers would still be allowed to perform drug tests for cannabis use and implement hiring/firing policies based on their results.
A poll last month found that 56 percent of likely Michigan voters were in favor of the cannabis legalization question. Interestingly, opposition to the initiative did not appear tied to any one political party — while Democrats were the most in favor, the opposition was evenly spread among Republicans and Independents.
Posted from my blog with SteemPress : https://www.ganjapreneur.com/michigan-to-expect-134m-in-annual-taxes-if-legalization-passes/