Two Bucks for the Medical Marijuana Industry
Earlier this week, medical marijuana advocates here in Michigan urged supporters to obtain and spend $2 dollar bills in support of the medical marijuana industry. The idea behind the campaign is to demonstrate the strength of the marijuana economy.
Estimates place annual revenue from marijuana in Michigan, legal and illegal, at approximately one billion dollars. The two dollar bill campaign is designed to raise awareness of the potential tax revenues and economic growth possibilities of the industry.
Not surprisingly, since the passage of the Michigan Medical Marijuana Act, Michigan now has over 130,000 registered marijuana "patients" with another 30,000 care-providers. That's a lot of folks using and producing marijuana.
As we have reported here at The Law Blogger, recent appellate decisions have fostered a "grow-your-own" or barter system for the necessary evil of marijuana cultivation. Dispensary schemes or for-profit business models have been ruled illegal.
A recent study from Harvard University estimated that 13% of all adult Michiganders used marijuana at least once over the past year. That's a lot of joint consumption.
Should the State of Michigan regulate and tax this robust industry? Should the business model shift from the hippy farmer to the for-profit business model?
Legislators and judges alike could not give two cents in support of this still-illicit industry, never mind a two dollar bill. As things now stand, the law says: no profits from pot.
We would love to hear from our readers on this issue that is here to stay. Please comment.