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Michigan marijuana stock market could offer residents chance ‘to buy their hood back’
Updated Feb 25, 2021;
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MLive is hosting a series of Michigan-focused, online Cannabis Industry Insights events in 2021. The first of three is scheduled from 12:30 p.m. to 2 p.m. on March 11, featuring Marijuana Regulatory Agency Director Andrew Brisbo and discussion about raising capital and securing assets to join the growing industry. More information and tickets are
.
MUSKEGON HEIGHTS Michigan, like other states, has struggled to get middle-income minorities or those criminally punished for breaking drug laws that no longer exist to participate in its exclusive and lucrative licensed marijuana market.
State s marijuana workgroup calls for new taxes to improve industry diversity
Calls for 1.5 percent intra-trade tax on recreational marijuana
Funds will be used for new social equity grant program
Larry A. Peplin for Crain s Detroit Business
Adult use marijuana sales reached nearly $440 million in the market s first year in Michigan.
In an effort to improve racial equity in ownership of Michigan s marijuana businesses, a state-led advisory group is recommending new taxes on marijuana sales to encourage diverse ownership.
A cornerstone of the Michigan Regulation and Taxation of Marihuana Act passed handily by voters in 2018 was to to promote and encourage participation in the marijuana industry by people from communities that have been disproportionately impacted by marijuana prohibition and enforcement and to positively impact those communities.
LANSING An advisory group is recommending new taxes on marijuana sales to raise millions of dollars that would be used to improve diversity and help disadvantaged groups succeed in the industry.
Data collected by the Michigan Marijuana Regulatory Agency in December show that only 3.8% of those with an ownership interest in licensed recreational marijuana businesses in Michigan are Black and only 1.5% are Hispanic or Latino, according to an agency report.
The voter-approved Michigan Regulation and Taxation of Marijuana Act of 2018 directed the agency to create a plan to promote and encourage participation in the marijuana industry by people from communities that have been disproportionately impacted by marijuana prohibition and enforcement and to positively impact those communities.