LANSING, MI (WKZO AM.FM) – The cannabis industry in Michigan is reeling from the results of a 24% wholesale tax that took effect January 1st.
Revenue is down 16% statewide and a group of state senators wants to axe the wholesale tax.
They want to return the tax structure to what was approved by voters in 2018 when recreational marijuana was legalized.
The wholesale tax is expected to bring the state over $400-million a year for road repairs.
Senator Jonathan Lindsey of Coldwater, who has been opposed to the tax since the discussions started, worries it’s hurting business and revenue and needs to be repealed.
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