Business
Michigan Marijuana Sales Hit Record High Of $261 Million In June, State Data Shows
Michigan marijuana sales hit another record high in June, reaching nearly $261 million.
Adult-use cannabis purchases accounted for the majority of the total, at $254,153,133. Medical marijuana sales were at $6,643,877. This beats the prior record set in March by more than $10 million.
Most of the cannabis purchases came from flower, followed by vape cartridges and infused edibles, the Michigan Cannabis Regulatory Agency (CRA) data, first reported by New Cannabis Ventures, 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 for adult-use cannabis now hovering around $90. In December 2021, by contrast, the cost of an ounce was about $180. The average ounce for medical marijuana last month was about $100.
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 in March 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 in April 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.
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.
Meanwhile, state officials recently approved changes to the state’s employment policy, making it so applicants for most government jobs will no longer be subject to pre-employment drug testing for marijuana.
—
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 isn’t the only state setting cannabis sales records.
Massachusetts marijuana sales reached nearly $152 million in June—a record monthly high since the state’s adult-use market launched in November 2018—state data shows.
Connecticut also saw record high marijuana sales last month, at $24 million for the sixth months since the opening of the state’s recreational industry.
In Maryland, where adult-use cannabis market launched this month, marijuana sales topped $10 million during the opening weekend.
