LANSING - Administrative guidelines find that medical marijuana may in fact generate up to $63.5 million a year in new revenue for Michigan, according to Hillsdale College economist Dr. Gary Wolfram.

Wolfram mentioned that these guidelines will create greater economic competition, increase revenue for the state, eliminate the black market but most importantly provide patients safe medicine.

His analysis estimates that a medical marijuana industry with fair and open competition can generate between $44.3 million to $63.5 million a year in the state of Michigan.

This framework is based on legislation currently being considered in the Michigan Legislature House Bills 4209, 4210 and 4827.

According to a press release regarding these administrative plans, Wolfram's analysis includes:

1. The industry would generate more than $44.3 million a year based on the current patient population of 182,091 registered patients, according to the most recent 2015 data from the Michigan Department of Licensing and Regulatory Affairs, with the assumption that two-thirds of them would buy from a licensed provisioning center.

2. If the proportion of current registered patents buying from licensed medical marijuana retailers increases to 80 percent, the revenue for Michigan exceeds $52 million.

3. The analysis assumes that a more regulated, accountable and transparent medical marijuana system, with clear and consistent protections for patients and guidelines for businesses and law enforcement, will result in an increase in the number of registered patients. Should the number of registered medical marijuana patients in Michigan increase by 20 percent (to around 219,000 patients) the revenue for Michigan would be $63.5 million a year.

"As a medical marijuana business owner, I support a strong regulatory framework because it sends a signal to patients that they will have safe access to lab-tested medicine,” said Vice President of the MIchigan Cannabis Development Association Willie Rochon during a telephone press conference. "Medical marijuana is here to stay in Michigan."

Wolfram even noted that this new framework would produce approximately 10,000 jobs in testing, growing, transportation, etc.

His analysis also is not based on any specific part of the state of Michigan, it is a general outlook but he believes this is very straightforward and that the numbers are conservative.

And as far as how local municipalities and governments would handle this state wide issue, Wolfram and Rochon mentioned that this state issue essentially helps local governments because they have constituents asking for guidance consistently.

“In 2008, Michigan voters overwhelmingly approved the use of medical marijuana for registered patients, and this proposed regulatory framework provides important clarification to Michigan’s law that has been absent for seven years,” Wolfram said. “The proposed framework will provide clarity for patients as well as the marketplace that will benefit Michigan and its citizens.”