Business
Michigan Marijuana Sales Hit Record High Of $250 Million In March, State Data Shows
Michigan marijuana sales reached a record high in March, with nearly $250 million in combined recreational and medical cannabis purchases, according to state regulators.
The lion’s share of those sales came from the adult-use market, which saw $239.8 million worth of marijuana products sold last month. Medical marijuana purchases reached $9.8 million during the same timespan, as New Cannabis Ventures first reported.
Most of the cannabis purchases came from flower, followed by vape cartridges and infused edibles, the Michigan Cannabis Regulatory Agency (CRA) data shows.
The state is seeing these record-setting sales even as the average cost of marijuana has remained at record lows, with the price of an ounce now hovering around $90. In December 2021, by contrast, the cost of an ounce was about $180.
While the state’s cannabis market has continued to mature, businesses still face challenges under federal prohibition, including a lack of access to traditional financial services that has created a cash-intensive industry that is uniquely targeted by crime.
The attorney general of Michigan said last month that a string of break-ins at marijuana dispensaries in the state underscore the need for Congress to pass cannabis banking reform.
Meanwhile, former Michigan House Speaker Rick Johnson (R), who went on to chair the state’s Marijuana Licensing Board, caught headlines this month after a federal prosecutor charged him for allegedly taking bribes in exchange for providing privileged information and assistance to select license applicants. He and other defendants reached plea agreements in the case.
—
Marijuana Moment is tracking more than 1,000 cannabis, psychedelics and drug policy bills in state legislatures and Congress this year. Patreon supporters pledging at least $25/month get access to our interactive maps, charts and hearing calendar so they don’t miss any developments.
Learn more about our marijuana bill tracker and become a supporter on Patreon to get access.
—
Michigan regulators announced last year that they were issuing another round of grants to support research into the therapeutic benefits of marijuana for military veterans, using tax dollars the state generated from adult-use cannabis sales.
This time around, CRA recommended awarding $20 million in grants to two universities as part of the Veteran Marijuana Research (VMR) Grant Program.
Officials also announced last year that the state would be distributing nearly $150 million in marijuana tax revenue, divided between localities, public schools and a transportation fund.
Michigan is just one of numerous states that are reporting strong cannabis sales as more markets come online and expand.
For example, Connecticut saw a record $22 million in combined recreational and medical marijuana sales last month, preliminary state data released on Monday shows.
Missouri cannabis sales reached a record $126 million in March, the second month since adult-use shops opened in the state after voters approved legalization at the ballot last November.
The governor of New Mexico recently marked the one-year anniversary of the state’s adult-use marijuana market, touting its more than $300 million in sales since last April as well as the thousands of jobs the cannabis industry has created.
In Arizona, the year-end total for 2022 adult-use cannabis purchases reached $1.4 billion.
In Massachusetts, the state’s recreational market officially exceeded $4 billion in sales in January after launching in 2018.
Conversely, a top Wisconsin senator recently released a legislative analysis that showed just how much money her state lost out to Illinois last year, with Wisconsin residents who lack a regulated market going across the border and spending more than $121 million on marijuana.
Where Presidential Candidate Asa Hutchinson Stands On Marijuana
Photo courtesy of WeedPornDaily.
