Michigan Marijuana Sales Reached a Record $221 Million in December!
State data reveals that Marijuana sales in Michigan hit a record high in December. Despite the slow fall in medical cannabis purchases, the adult-use sector has more than made up for it, with total sales reaching $221.7 million last month. The previous record, set in September, was broken by nearly $9 million with this amount.
As first reported by New Cannabis Ventures, the state’s Cannabis Regulatory Agency (CRA) reports that December witnessed $208,318,037 in sales of recreational marijuana and $13,419,377 in sales of medical marijuana. Furthermore, despite the fact that marijuana’s average price has been falling and that an ounce now costs roughly $90, the state is seeing a surge in total sales.
The price of an ounce was roughly $180 in December 2021, in contrast. According to CRA‘s research, infused foods and vape cartridges were the next most popular cannabis products after flowers. Similar patterns have been observed in Arizona’s marijuana industry, and the state recently reported that sales of the drug set a record in October.
Purchases of medical marijuana in the state are also falling, but the recreational market is growing. Officials said earlier this month that Illinois marijuana sales reached a record high of more than $1.5 billion in 2022, with December of last year marking the biggest sales month to ever.
In the meantime, Michigan officials revealed last year that they are awarding yet another batch of funds to finance studies into the medical advantages of marijuana for veterans. These grants will be paid for by taxes collected from the sale of cannabis for adult use in the state.
This time, the CRA said that it has recommended giving two colleges funds totaling $20 million as a part of the Veteran Marijuana Research (VMR) Grant Program. A transportation fund, local governments, and public schools will all receive a portion of the approximately $150 million in marijuana tax income that Michigan officials indicated they would be allocating last year.
The financing, which was made possible by tax revenue from the state’s adult-use cannabis program, according to the state Treasury Department, comprises $42.2 million for 62 cities, 15 villages, 33 townships, and 53 counties. In 2021, the state provided towns with funds equal to more than four times that amount through the use of cannabis tax money.
Authorities also declared last year that they had authorized the first-ever adult-use marijuana social consumption location in the state, which is located in Hazel Park. It seems sensible that additional tax income could be generated as that area of the marijuana industry expands.
It became the second city to go the symbolic extra step after the local decriminalization of natural plants and fungus. In that city, lawmakers also approved a resolution declaring September as a month of awareness of the therapeutic potential of psychedelics.
