Despite being a short month there was over $200 million worth of marijuana and marijuana products purchased legally in Michigan in February.
According to the latest Cannabis Regulatory Agency Monthly Report, Michigan marijuana stores sold 347,733 pounds and 354,020 fluid ounces worth of marijuana costing a total of $206,378,444. Medical marijuana sales were much lower at $10.01 million and 17,808 pounds sold (along with 7,030 fluid ounces).
These numbers represent a roughly 4% increase from January and a nearly 40% increase from February, 2022. The state also garnered around $3 million in licensing and regulatory assessment fees.
The plurality of the $206 million in recreational marijuana sold in February came from dried flower at $99 million, followed by vape cartridges ($39 million), infused-edibles ($22 million) and shake/trim ($15 million). There are currently 631 licensed retailers, 860 growers and 219 processors.
According to the report sales to date for Michigan now stand at $4,342,932,911, and the current average cost per ounce is $86.
In February the state garnered around $20 million from a 10% marijuana excise tax, and an additional $12 million from their 6% standard sales tax. In total marijuana tax revenue for Montana in February was roughly $32 million.
Marijuana tax revenue is distributed as follows:
- 15% to cities that allow marijuana businesses
- 15% to counties that allow marijuana businesses
- 35% to the School Aid Fund to be used for K-12 education.
- 35% to the Michigan Transportation Fund to be used for the repair and maintenance of roads and bridges.
Michigan voters legalized marijuana in November, 2018. The law allows those 21 and older to possess up to 2.5 ounces of marijuana and up to 15 grams of concentrate. The first recreational marijuana retail outlet opened in December, 2019.
You can find the full Cannabis Regulatory Agency Monthly Report for February by clicking here.
