Medical Marijuana Could Lead To Economic Boost

If lawmakers pass bills designed to regulate the state’s medical marijuana industry, it could boost the economy, according to one economist.

The bill package would create a regulatory framework for the medical marijuana industry.

It includes licensing for dispensaries, labeling requirements and would allow for edible forms of pot. Marijuana would also be subject to sales and excise taxes.

Economist, Doctor Gary Wolfram of Hillsdale College, says if the regulations are implemented, the medical marijuana industry could generate between $44 and $64 million for the state.

He also says the changes would create about 10,000 jobs in Michigan.

The framework bills continue to await action in a Senate committee.