Legalizing recreational marijuana in Michigan could draw in far more tax revenue than what proponents have been advertising, according to a new analysis from the nonpartisan Senate Fiscal Agency.

Should Michigan voters agree to legalize recreational marijuana — on the Nov. 6 ballot as Proposal 1 — the state could bring in up to $287.9 million in new tax revenue in 2023, according to the new analysis released Monday.

That’s more than double the estimate that the pro-marijuana campaign in Michigan released two weeks ago. A study commissioned by the Coalition to Regulate Marijuana Like Alcohol found Proposal 1 could bring in $134.5 million in 2023, when the recreational marijuana market is expected to peak in Michigan.

“Whether you take our conservative estimate or the state’s more bullish estimate, the key thing is that Proposal 1 will help the state collect significant and much-needed tax revenue to help fund roads, schools and local communities,” said Josh Hovey, spokesman for the pro-marijuana campaign.

Scott Greenlee, leader of the opposition campaign Healthy and Productive Michigan, said the new estimate changes nothing.

“We’re talking about a tiny half a drop in the bucket for the state budget,” Greenlee said. [Read more at Michigan Live]