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GRBJ: Marijuana legalization could generate $738M in four years

Report by nonpartisan Michigan Senate Fiscal Agency shows year-over-year increased growth.
Credit: UrosPoteko, Getty Images/iStockphoto
Dry and trimmed cannabis buds, stored in a glass jars.

A recent study from the nonpartisan Michigan Senate Fiscal Agency shows marijuana legalization could have an estimated state economic impact of nearly $738 million over the next several years.

If Proposal 18-1, the Michigan Regulation and Taxation of Marihuana Act, is approved during the Nov. 6 election, the estimates show $77.1 million in the first year, growing each year thereafter to $157.4 million, $241.4 million and $262 million.

The estimate assumes a one-year timeframe for initial implementation activities, beginning the impact with the 2019 fiscal year beginning Oct. 1, 2019.

Estimates of potential taxes and fees collected are based on per capita sales data from states that have adopted similar laws.

To read the whole report, look for this story in the Grand Rapids Business Journal or visit their website.

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