Michigan’s impending wholesale tax on the legal weed industry is already sullying the industry days before the tax even goes into effect.
Ann Arbor-based C3 Industries is closing its 35,000-square-foot grow operation in Webberville and eliminating 62 jobs, according to a Worker Adjustment and Retraining Notification filed with the state this week.
Ankur Rungta, co-founder and CEO, told Crain’s that the business model is not sustainable under the new 24% wholesale tax, which targets the sales between growers and processors and retailers to fund road repairs across the state. The tax goes into effect Jan. 1…