Michigan Tax Revenue grew by around 50% in fiscal year (FY) 2023 to surpass $420 million.
According to a newly released House Fiscal Agency report, the excise tax on the legal distribution of marijuana and marijuana products resulted in $266.2 million in tax revenue for Michigan. This is a 50% increase over the $178.6 million in marijuana taxes made in FY 2022.
The $266.2 million in excise taxes made from marijuana sales is 38% higher than the excise taxes made from beer, wine and liquor combined ($192.6 million), and it’s 82% higher than liquor alone ($146 million).
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