Bay County community profits as Michigan marijuana industry surpasses $ 3.2 billion
BANGOR TWP., Michigan (WJRT) (6/30/2021) – Michigan Sees Green!
A new study just released shows that marijuana sales have already reached staggering heights in just a few years. But how much of that money is still under the table and escaping state taxes? It turns out that most.
âWe were wondering how the community was going to adopt this? “
Bangor Township entered on the ground floor when voters gave the green light to legal grass. Two years later, supervisor Glenn Rowley told ABC12 he couldn’t have imagined how quickly that investment would increase.
âWe were almost going on blind faith because we really didn’t know exactly how much we were going to get,â Rowley said.
It turned out to be a safe bet. The township has already raised some $ 280,000 in initial income.
Growth supported by a brand new study, which found Michigan’s share of the booming bud industry topped $ 3.2 billion.
“This is truly the first such study to examine the total size of the cannabis industry,” said Brian Peterson.
Peterson is a director of the Anderson Economics Group, the Lansing-based research consulting firm that conducted the study on behalf of the Michigan Cannabis Manufacturer’s Association.
âIt’s a market that has experienced strong and rapid growth,â he explained. “I think there are great opportunities in this market for the future.”
It’s in books and outside of books. The study showed that consumers spent around $ 1 billion on retail sales last year. Another billion dollars came from caregivers. The remainder was split, the study found, into adult home grow operations and illicit under-the-table transactions, which not only sidestep state tax rolls, but require safety testing. ABC12 called and emailed state regulators for a response, but had not had a response at the time of publication.
âWe can see from the visibility that we have that there is an increasing number of transactions that previously took place in the illicit market that are now moving into these retail stores,â said Peterson.
Rowley told ABC12 he believes illicit sales are on the decline as the industry heats up there. He said that was one of the reasons the township’s favorable pot policies were on the books in the first place.
âIf anyone wanted to go out and buy marijuana, they could,â he said of the industry before 2018, when Michigan voters approved marijuana for recreational and adult use. “We would much preferâ¦ a state accredited facility.”
The study also found that one in five Michigan residents said they had used cannabis in the past year, almost double what it was a decade earlier. Revenue sharing agreements mean that hubs like Bangor Township can bring that to the bank.
âWe’re just going to have more and more economic benefits locally,â Rowley said. âSo, hey, maybe we’ll have a lot more paved roads. We don’t necessarily have to tile them in green so people know where the money is coming from, but we’re going to be able to do a lot more things than we normally could. “
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