Michigan marijuana sales reached another record in July with almost $277 million worth.
The majority of marijuana sales, $270,603,217, was for adult-use. The medical marijuana sales totaled $6,143.046. This is more than $16,000,000 higher than the previous record, set in June.
New Cannabis Ventures first reported that the majority of cannabis sales were made by flower.
These sales are consistently breaking records in the state, even though the cost of marijuana is at record lows. The price of an adult-use ounce of cannabis hovers around $98. By comparison, in December 2021 the price of an ounce would have been about $180. Last month, the average medical marijuana ounce sold for $102.
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 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 awarding another round of grants in support of 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 to two universities.
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.
In July , four Northeastern states – Connecticut (Maine, Massachusetts, Rhode Island) and each also hit new records in cannabis sales.
Illinois retailers sold 140 million dollars worth of recreational marijuana products during July, the highest sales total of the year. This is the second highest monthly amount for Illinois since the adult-use market was launched in 2020.
Maryland’s legal cannabis sales reached a record high of $87.4 Million during July, the month following the launch of the recreational market, according to state data. The state generated over $10,000,000 of combined medical and recreational sales in the first weekend after adult-use cannabis sales began.
Since the adult-use marijuana market was opened in Missouri in February, Missouri retailers have sold about $4 million of marijuana each day in average. The state also saw a record $121.2 in cannabis sales in June.
Minnesota Governor invites Iowa Adults to Come Buy Marijuana and Watch Baseball in His State After Legalization
Photo by Brian Shamblen.
The post Michigan Marijuana sales hit another record high, reaching $277 million in July first appeared on Marijuana Moment.
