(Thursday - March 04, 2021) - Both the City of Iron Mountain and Dickinson County will get a financial boost, as the result of the legal marijuana sales authorized by the City. Each will receive slightly over $28,000, as their share of the distribution of more than ten million dollars, derived from the Michigan Regulation and Taxation of Marijuana Act.

This week, 38 cities, seven villages, 21 townships and 38 counties began receiving payments from the Marihuana Regulation Fund for every licensed retail store and microbusiness within its jurisdiction. For the state’s 2020 fiscal year, this means each eligible municipality and county will receive around $28,000 for every licensed retail store or microbusiness.

"The revenue generated from marijuana taxes and fees is important to our local governments," State Treasurer Rachael Eubanks said. "In this extraordinary time, our staff is working to get those payments to impacted municipalities and counties. Every dollar helps right now."

For the state of Michigan’s 2020 fiscal year, more than $31 million was collected from the 10% adult-use marijuana excise tax. Combined with fees, there was a total of $45.7 million available for distribution from the fund.

State law outlines how much is distributed from the Marihuana Regulation Fund.

Aside from the nearly $10 million in disbursements to municipalities and counties, around $11.6 million will be sent to the School Aid Fund for K-12 education and another $11.6 million to the Michigan Transportation Fund, upon appropriation. The remaining $12.5 million amount will be used toward start-up and administrative costs.

In total, more than $341 million in adult-use marijuana sales was reported for fiscal year 2020.