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Friday, December 13, 2019

Recreational marijuana sales generate $250K tax revenue in first 8 days


Recreational marijuana purchased at licensed facilities brought in more than a quarter million dollars in tax revenue for Michigan during the first eight days of legal sales.
According to the Department of Licensing and Regulatory Affairs, the generated revenue came from $1.63 million dollars in sales between Dec. 1 and Dec. 8. It includes $107,514 from the 6 percent sales tax and $162,900 in state excise tax.
The state has issued 28 licenses for recreational marijuana business so far, with Ann Arbor claiming more than any other community.
Those licensed include 10 retailers, with the five in Ann Arbor located the closest to metropolitan Detroit. The others retail licenses are for shops set up in Evart, Morenci, White Cloud, Mount Morris and Burton — quite a hike from the tri-county area.
Along with the retailers, as of Dec. 11 the recreational marijuana business licensed by the state include:
• Class C Growers — Evart (4), Dimondaled (5), Ann Arbor (1)
• Event Organizer — Kalkaska (1)
• Processor — Dimondale (1), Ann Arbor (2), Burton (1)
• Safety Compliance Facility — Ann Arbor (1)
• Secure Transporter — Ann Arbor (1), Kalkaska (1)
LARA began accepting license applications for recreational marijuana businesses on Nov. 1, about a year after Michigan voters OK'd a ballot proposal to legalize the possession, use, growing and sales of cannabis, subject to local approval. 
All the Credits - Source & Orignal Story Belongs to The Oak Land Press

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