Michigan’s Cannabis Industry Braces for New 24% Tax
As the clock ticks down to January 1, cannabis dispensaries in Metro Detroit are experiencing a surge in sales. According to industry insiders, this increase is largely due to customers stocking up ahead of a significant tax hike. Starting next year, a 24% tax will be imposed on all marijuana products, leading many to make purchases before the new rate takes effect.
Retailers attribute the sales boost to a combination of factors, including the impending tax increase, holiday gift-giving, and a general increase in consumption during the end of the year. As the new tax looms, many customers are taking advantage of the current prices to stock up on their favorite products.
