Lansing — Michigan marijuana industry experts are warning of dire consequences for the market if a 24% wholesale tax is signed into law, arguing it could "decimate" businesses currently struggling with oversaturation and declining price points.

The tax, approved 78-21 by the Republican-led Michigan House Thursday, would kick Michigan's marijuana tax rate out from among the states with the lowest marijuana tax rates and push it up the ladder of states levying pot for big cash. Roughly 39,000 people are employed in the marijuana industry in Michigan, according to state records.

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