Michigan Breaks Monthly Marijuana Sales Record In July
Michigan set a new monthly record for marijuana sales in July, reaching nearly $210 million, according to data published by the state Cannabis Regulatory Agency (CRA) on Thursday.
The state saw $21,121,711 in medical cannabis sales and $188,818,744 adult-use marijuana purchases last month. That total is about $15 million greater than the previous monthly record set in April.
Most of the marijuana purchases for both medical and recreational use were for flower products, followed by vape cartridges.
The data also shows a continuation of a sales trend in Michigan’s marijuana market, with medical cannabis purchases dipping and adult-use sales increasing. The first recreational shops opened in Michigan in December 2019.
Meanwhile, Michigan regulators recently announced that they are 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 announced that it has recommended awarding $20 million in grants to two universities as part of the Veteran Marijuana Research (VMR) Grant Program.
Michigan officials also announced in March that the state would be distributing nearly $150 million in marijuana tax revenue, divided between localities, public schools and a transportation fund.
The state Treasury Department said that the funding—made possible from tax revenue generated from the state’s adult-use cannabis program—includes $42.2 million for 62 cities, 15 villages, 33 townships and 53 counties.
That’s more than four times the level of funding that the state paid out to municipalities with cannabis tax dollars last year.
All told in 2021, Michigan saw $1,311,951,737 in marijuana sales for adult-use and $481,225,540 for medical cannabis. In December alone, there were more than $135 million in recreational cannabis purchases and about $33 million in medical marijuana sales.
Regulators also announced earlier this year that the they approved the state’s first-ever social consumption site for adult-use marijuana in Hazel Park. It stands to reason that, as that sector of the marijuana industry grows, even more tax revenue may follow.
Michigan isn’t the only state that’s seeing significant marijuana sales and working to put the resulting tax dollars to good use.
For example, Illinois retailers sold more than $135 million worth of adult-use marijuana in July, the largest monthly sales total so far in 2022 and the second biggest month since sales first launched, the Illinois Department of Finance and Professional Regulation (IDFPR) recently announced.
New Jersey saw about $24 million in recreational marijuana purchases during its first month of sales earlier this year.
As of mid-May, Massachusetts adult-use marijuana sales officially surpassed $3 billion since the market launched in 2018, officials said.
Marijuana Moment
Kyle Jaeger
