Michigan wholesale marijuana tax revenue lags far below projections

Michigan's 24% wholesale marijuana tax generated less revenue than projected in its first quarter, according to a state treasury report. The nonpartisan House Fiscal Agency had estimated about $420 million annually, or roughly $105 million per quarter, when lawmakers approved the tax last year. The early revenue results complicate budget planning and road-repair funding, signaling that the new levy is underperforming relative to initial forecasts. Analysts cautioned that quarterly figures can fluctuate as the market adapts to the tax, and lawmakers will monitor data closely as more quarters are reported.