According to state regulators, Michigan marijuana sales hit a record high of nearly $250 million for both recreational and medicinal cannabis in March.
The adult-use market saw $239.8million worth of marijuana products last month. This was the largest share. The total amount of medical marijuana purchased reached $9.8million in the same time frame, according to New Cannabis Ventures’ report.
The majority of cannabis purchases were made from flowers, then vape cartridges and infused edibles.
The state is experiencing record-setting sales, even though the average price of marijuana remains at an all-time low of $90. An ounce of marijuana cost $180 in December 2021.
Although the state’s cannabis market is maturing, there are still challenges for businesses due to federal prohibition. This includes a lack access to traditional financial services, which has created an industry that is cash-intensive and highly targeted by criminals.
Last month, the attorney general of Michigan stated that there have been several break-ins at state marijuana dispensaries. This underscores the need for Congress reform.
Former Michigan House Speaker Rick Johnson (R) was charged by a federal prosecutor with taking bribes to obtain privileged information and help to license applicants. In the case, he and other defendants agreed to plea deals.
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Last year, Michigan regulators announced that they would issue another round of grants in support of research into the therapeutic effects of marijuana for veterans. This was done using tax dollars generated by adult-use cannabis sales.
CRA recommends that two universities receive $20 million in grants as part of Veteran Marijuana research (VMR Grant Program).
Officials also revealed last year that the state would distribute almost $150 million in marijuana tax revenues. This will be divided among localities, public school systems, and a transportation fund.
Michigan is one of many states reporting high cannabis sales, as more markets open and expand.
Connecticut, for example, saw a record $22,000,000 in combined medical and recreational marijuana sales last month. This is according to preliminary state data that was released Monday.
Missouri cannabis sales reached an all-time high of $126 million March, the second month since adult-use stores opened in the state. This was after the November ballot vote that legalized the state’s cannabis.
New Mexico’s governor recently celebrated the one-year anniversary of its adult-use marijuana marketplace . He highlighted the state’s more than $300,000,000 in sales from April last year, as well as the thousands and jobs that the cannabis industry has created.
In Arizona, The year-end total of 2022 adult-use cannabis sales was $1.4 billion.
After its launch in 2018, Massachusetts’ recreational market surpassed $4 billion in sales.
A top Wisconsin senator released a recent legislative analysis showing how much Wisconsin lost to Illinois last year. The analysis showed that Wisconsin residents without a regulated market were spending more than $121,000,000 on marijuana .
Photo by WeedPornDaily.
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