Illinois, Michigan inhale marijuana taxes as Wisconsin stalls
Illinois and Michigan again raked in hundreds of millions of dollars in tax revenue on recreational weed sales last year, and Minnesota is planning to join the party by fully legalizing the drug.
Meanwhile, Wisconsin sits on a near-island of cannabis prohibition, surrounded by states with legal weed. But, as medical marijuana inches toward legalization in the state, experts say policymakers would have the benefit of hindsight from the states who went first.
Wisconsin’s neighboring states are touting the tax benefits of their legal cannabis industries, with a large share of those dollars likely brought in by Wisconsinites crossing the border to buy legally. Critics are wary of the drawbacks, but good data is lacking.
Michigan brought in about $325 million in tax revenue from medical and recreational sales in 2022, through a 10% excise tax and a 6% sales tax, according to the state’s Cannabis Regulatory Agency. That’s about a 30% increase over 2021’s tax revenue.
In February, the Michigan Department of Treasury announced distribution of about $60 million to municipalities and counties from recreational tax revenue collected during the October 2021-September 2022 fiscal year. The fund also gave about $70 million to both K-12 education and the Michigan Transportation Fund.
https://captimes.com/news/government/illinois-michigan-inhale-marijuana-taxes-as-wisconsin-stalls/article_14c1dba7-53f2-554a-8743-dfae8193a5c6.html
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