Calling the estimate "conservative," an economist on Monday said medical marijuana could generate up to $63 million annually for state coffers if regulated as proposed under bills currently in the Michigan Legislature.
"(It) can generate significant revenue and jobs," Dr. Gary Wolfram, an economist and professor at Hillsdale College, said via telephone at a press conference. "It will create a robust marketplace that will provide a positive economic impact."
Wolfram's report, commissioned by the Michigan Cannabis Development Association, says Michigan could expect revenues between $44.3 million and $63.5 million per year. Regulation could also create about 10,000 jobs.
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