On November 6th, Michiganders will decide if they want to legalize marijuana. Pot smoker or not, the monetary gains for the state are one to be considered.

A new analysis released by the Senate Fiscal Agency predicts that legalized marijuana would bring in $737.9 million by the end of 2023. If passed, the state is expected to make $77 million in its first year of inception.

Senate Fiscal Agency
Senate Fiscal Agency
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This estimate is more than double than what was predicted by the Coalition to Regulate Marijuana Like Alcohol, a pro-marijuana group. A spokesperson for the group told MLive that

...the key thing is that Proposal 1 will help the state collect significant and much-needed tax revenue to help fund roads, schools and local communities.

If passed, Proposal 18-1 will allow people 21+ to purchase, possess, use and grow marijuana. It will also impose a 10% excise tax on the product which will go to the following:

  • 35% School Aid Fund
  • 35% Transportation Fund (repair infrastructure)
  • 15% municipalities where marijuana retailer located
  • 15% counties where marijuana retailer located

This doesn't even include the money made off of the 6% sales tax.

Get more info here before casting your vote on November 6th.