Michigan’s marijuana supporters believe that legalizing the leaf could be exactly what the state needs to emerge from its financial drowning. Recent reports indicate that the cannabis industry will be a billion dollar business within the next decade, which has some looking towards the herb as salvations wings to help repair the state's budget troubles.

There are three separate collations in Michigan right now working to get initiatives on the November 2016 ballot in hopes of legalizing a statewide recreational marijuana market in a manner similar to what is currently underway in Colorado and Washington. The major selling point with regards to these proposals, at least from a fiscal standpoint, is the prediction of millions in tax revenue that the state is missing out on by continuing down the road of prohibition.

In fact, some Michigan lawmakers have gone so far as to suggest that their attempts to legalize weed have nothing to do with stripping the criminal penalties away from the plant, but everything to do with generating giant stacks of cash. Recent statistics show that Colorado raked in almost $9 million in tax revenue in January and well over $9 million in February – all from taxes and fees imposed on those who cultivate, sell and consume marijuana.

Some in Michigan believe that legal weed could generate in upwards of $200 million in state taxes – all money that could be used to repair the state’s decrepit roadways and schools. Another major benefit, of course, is that otherwise innocent people would no longer be subjected to incarceration for maintaining possession of a substance that has been proven safer than alcohol and tobacco.

More From Banana 101.5