Sec. 604.
(1) The marihuana regulatory fund is created within the state treasury.
(2) The application fee collected under section 401 and the regulatory assessment collected under section 603 must be deposited into the marihuana regulatory fund. The state treasurer shall direct the investment of the fund. The state treasurer shall credit to the fund interest and earnings from fund investments.
(3) Except as otherwise provided in this section, money in the marihuana regulatory fund at the close of the fiscal year must remain in the fund and must not lapse to the general fund.
(4) The marijuana regulatory agency is the administrator of the marihuana regulatory fund for auditing purposes.
(5) Except as provided in section 603(1)(d) and (e), the department shall expend money from the marihuana regulatory fund, upon appropriation, only for implementing, administering, and enforcing this act.
(6) For the fiscal year ending September 30, 2020 only, $17,000,000.00 of the money in the marihuana regulatory fund is transferred to and must be deposited into the general fund.
(7) As used in this section, "marijuana regulatory agency" means the marijuana regulatory agency created under Executive Reorganization Order No. 2019-2, MCL 333.27001.
History: 2016, Act 281, Eff. Dec. 20, 2016 ;-- Am. 2020, Act 170, Imd. Eff. Oct. 1, 2020
Compiler's Notes: Enacting section 2 of Act 281 of 2016 provides:"Enacting section 2. The legislature finds that the necessity for access to safe sources of marihuana for medical use and the immediate need for growers, processors, secure transporters, provisioning centers, and safety compliance facilities to operate under clear requirements establish the need to promulgate emergency rules to preserve the public health, safety, or welfare."For transfer of powers and duties of the medical marihuana licensing board, marihuana advisory panel, and department of licensing and regulatory affairs, including its bureau of marijuana regulation, to the marijuana regulatory agency, and abolishment of the medical marihuana licensing board, marihuana advisory panel, and bureau of marijuana regulation, see ERO No. 2019-2, compiled at MCL 333.27001.