Last month Michigan Governor Rick Snyder signed a package of bills explicitly legalizing the distribution of medical cannabis through a regulated system of dispensaries and cultivation centers, including establishing a 3% excise tax on dispensaries’ gross sales.

According to a new report from Crain’s Detroit Business, the Senate Fiscal Agency estimates it will results in tens of millions of dollars in new taxes.

The report states that the new law will result in up to $63 million in annual taxes. It estimates that the medical cannabis market in Michigan will exceed $700 million annually once fully established.

The law goes into effect this December with a licensing system in place late next year.

The report is based on the state’s current number of patients, which is roughly 204,000. That number is expected to increase significantly in the coming months, however, now that dispensaries have..........https://www.theweedblog.com/new-medical-cannabis-system-michigan-people-unhappy/

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