Business is booming in Michigan.
The State of Michigan has a population of around 10 million people.
By 2021, Michigan is expecting $140.00 in cannabis sales per person, which translates to around $1.4 billion dollars in marijuana sales.
$143 million of that $1.4 billion, will go to the state.
This revenue comes from the 10% excise tax on the sale of recreational marijuana.
“It’s a lot of money. We’re going to get a lot from recreational marijuana,” Chief Deputy State Treasurer Jeff Guilfoyle, told the Fourth Annual Michigan Economic Forecast sponsored by the Michigan Chamber Foundation and the Michigan Banker’s Association.
Original article from Small Business Association of Michigan