GRAND RAPIDS, Mich. (WOOD) — Counties and municipalities across Michigan will be getting payments from the state Department of Treasury, their portion of 2022 marijuana taxes.
About $59.5 million will be handed down to 224 municipalities and counties as part of the Michigan Regulation and Taxation of Marijuana Act. The money will be drawn from the $198.4 million collected by the Marihuana Regulation Fund.
“Municipalities and counties will begin seeing these payments appear in their banking accounts,” Treasurer Rachael Eubanks said in a statement. “Through a partnership, the dollars received from the adult-use marijuana taxes and fees are distributed to our participating communities.”
A total of 81 cities, 26 villages, 53 townships and 64 counties will get about $51,800 for each licensed retail store and micro business in their jurisdictions.
Grand Rapids is set to receive more than $881,000 from its 17 licensed marijuana retailers and Kent County will see more than $1.5 million from these payments.
The payments will be passed down over the next few days and can be used for anything the county or municipality decides on, according to the Department of Treasury.
Michigan collected taxes and fees from 574 licensees in 2022. Marijuana businesses saw more than $1.8 billion in revenue during the fiscal year. Thirty percent of the money in the fund goes to the counties and municipalities. The other 70% is split up between funding K-12 education and repairing and maintaining Michigan roads and bridges.