(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 stateís 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
Michiganís 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
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.