With state lawmakers scrambling to find solutions to the budget deficit, some might consider looking to a different kind of green to fill those coffers.
Tuesday night, the city of Oakland, Calif., passed a new tax on medicinal marijuana sold in the city – which city officials say should generate about $300,000 in the first year alone.
The tax was supported by some marijuana dispensary owners who hope the new tax will increase their credibility in the eyes of the public. Last year, Michigan joined California and a handful of other states in legalizing the sale of marijuana for medicinal purposes.
Unlike California, Michigan allows authorized marijuana users to buy their pot from authorized individual dealers – not dispensaries – and these dealers are severely restricted on the amount of marijuana they can sell. The state of Michigan or local government does not tax these sales.
With changes in state law, that could change easily enough and bring in much needed revenue to the state. Some would argue the marijuana sales are occurring regardless of how one feels about medicinal marijuana use: Why not tax them?
