Michigan could get millions in revenue from legal marijuana - WNEM TV 5

Michigan could get millions in revenue from legal marijuana

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A fully developed legal market for medical marijuana could lead to millions of dollars for Michigan.

The Detroit Free Press reports analysts’ estimates suggest it could top $63 million a year.

Gov. Rick Snyder signed new regulation into law in September that clarified the state’s 8-year-old voter-approved initiative that legalized the drug for medical use.

The laws impose a new tax on dispensary shops and establish a state licensing system to grow, process, sell, transport or test marijuana.

Non-smokable forms of the drug, such as lotions and tinctures, will become legal as well.

A monitoring system will track marijuana from “seed to sale.”

There were roughly 204,000 registered medical marijuana patients in the 2016 fiscal year, according to the Senate Fiscal Agency.

The agency estimates Michigan’s medical marijuana market could exceed $711 million if prices and customers’ buying habits mimic those in Colorado, according to the Free Press. 

The new laws take effect in December. Those wanting state operating licenses can begin applying in late 2017. 

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