- Michigan Minimum Wage Set for Small Increase for 2024
Michigan’s minimum wage is set to increase on January 1, 2024, per the Improved Workforce Opportunity Wage Act of 2018 which establishes the annual schedule of increases. The minimum hourly wage will increase to $10.33 per hour; the 85% rate for minors aged 16and 17 will increase to $8.78 per hour; the tipped employee rate of hourly pay increases to $3.93 per hour; and the training wage of $4.25 per hour for newly hired employees ages 16 to 19 for their first 90 days of employment remains unchanged.
Why it Matters: As we approach the new year, t’s important to be aware of new laws, and changes to existing laws, that are set to take effect as of January 1, 2024. Contact us with any questions.
- Streamline Corporate Transparency Act Reporting with a FinCEN Identifier
The Financial Crimes Enforcement Network (FinCEN), announced and elaborated on the use and availability of FinCEN identifiers. Under this new guidance, FinCEN identifiers may be crucial for business owners, particularly for those managing multiple entities.
Why it Matters: A FinCEN identifier is a unique number assigned by FinCEN to individuals and reporting companies, streamlining the reporting process under the CTA. Businesses will need to be prepared come 2024 for the new reporting requirements. Learn more from your Fraser Trebilcock attorneys.
- Michigan Cannabis Sales Exceed $262 Million in October
Cannabis sales surpassed $262 million in October, via the monthly report from the Michigan Cannabis Regulatory Agency. Michigan adult-use sales came in at $258, 474,612.51, while medical sales came in at $4,416,590.58, totaling $262,891,203.09.
Why it Matters: Marijuana sales remain strong in Michigan, particularly for recreational use. However, there still are significant concerns about profitability and market oversaturation that the industry is contending with.
- Package of Clean Energy Bills Head to Governor’s Whitmer’s Desk
A package of bills, including one that would require companies to make 100% of their energy through renewables such as solar and wind by 2040, and also seeks to reduce energy waste, among other objectives, is on its way to Governor Whitmer’s desk for signature after passing both the Senate and House.
Why it Matters: Clean energy legislation is a major priority for Michigan Democrats but is opposed by Republicans and has received pushback from many business groups, who argue the legislation would increase energy costs.
- CRA Issues Bulletin for Product Recall
On November 20, the Cannabis Regulatory Agency (CRA), issued a bulletin for a voluntary product recall, after it was discovered that the product exceeds the maximum dosage of 10mg of THC per serving.
Why it Matters: It is important for cannabis producers to adhere to the rules and regulations when handling medical and adult-use cannabis, otherwise they can face product recalls and fines and/or penalties.
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