Michigan Marijuana sales hit record high of $261 million in June, state data shows

Michigan marijuana sales reached a new record in June of nearly $261 Million.

The majority of cannabis sales, $254,153.133, was for adult-use. The medical marijuana sales totaled $6,643,877. This is more than $10 Million higher than the previous record, set in March.

New Cannabis Ventures first reported that the majority of cannabis sales were made by flower.

These sales records are being set in the state even though the cost of marijuana is at record lows. The price of an adult-use ounce of cannabis hovers around $90. By comparison, in December 2021 the price of an ounce would have been about $180. Last month, the average cost per ounce of medical marijuana was around $100.

The state’s cannabis industry has grown, but businesses are still facing challenges due to federal prohibition. This includes a lack access to traditional financial products, which has led to a cash-intensive, high-risk industry.

In March, the Attorney General of Michigan stated that the recent string of burglaries at marijuana dispensaries underscores the need for Congress passing cannabis banking reform.

In April, the former Michigan House Speaker Rick Johnson, who later became chair of the Marijuana Licensing Board in Michigan, made headlines after a federal prosecutor accused him of allegedly accepting bribes for providing confidential information and assistance to selected license applicants. The case ended with plea deals between him and the other defendants.

Michigan regulators announced that they would be issuing a second round of grants for research into the therapeutic effects of marijuana for veterans using tax dollars generated by the state from adult-use cannabis sale.

The Veteran Marijuana Grant Program (VMR) is CRA’s latest recommendation to award $20 million in grants as part of its Veteran Marijuana research grant program.

Last year, officials announced that the state will distribute almost $150 million in marijuana taxes to localities, schools, and transportation funds.

State officials approved changes in the state’s Employment Policy that will allow applicants for most government positions to no longer be required to undergo pre-employment drug tests for marijuana.

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Michigan isn’t alone in setting records for cannabis sales.

Massachusetts marijuana sale reached nearly $150 million during June, a record high since November 2018, when the adult-use market was launched.

Connecticut saw marijuana sales reach a record $24 million in the last month. This is the sixth month since the recreational marijuana industry opened.

The first weekend of the adult-use cannabis market in Maryland saw marijuana sales surpass $10 million.

GOP lawmakers outraged about marijuana and cocaine found at Biden White House. One says it endangers the president’s “well-being”

The article Michigan Marijuana sales hit record high of $261 million in June, state data shows first appeared on Marijuana Moment.