In Michigan, August marijuana sales fell barely short of July’s record-breaking numbers despite prices dropping.
In total there was $276,262,397.68 worth of legal marijuana sold in August, less than half a million dollars short of the $276,746,264.07 sold in July (the current monthly record). This is according to a report just released by the Michigan Cannabis Regulatory Agency.
Although August marijuana sales didn’t quite beat July’s numbers, they are a noticeable increase over the $260 million sold in June and the $245 million sold in May. Sales numbers include the distribution of dried marijuana flower as well as other marijuana products including concentrates, edibles and topicals.
Total recreational marijuana sales since the start of legal sales in December, 2019 now stands at $5,865,903,004. This is in addition to the $1,586,972,915 in medical marijuana sold during the same period.
According to the Cannabis Regulatory Agency there are currently 716 licensed marijuana retail outlets located throughout Michigan. These outlets sold 1,654,747 ounces worth of marijuana in August.
The average cost per ounce of recreational marijuana in August was $94.16, an over $4 decrease from the $98.65 average for July. The average cost per ounce of medical marijuana was, oddly enough, more expansive at $106.31.
Michigan voters legalized marijuana in November, 2018, with the first licensed retail outlet open the following year. The law allows those 21 and older to possess up to 2.5 ounces of marijuana and up to 15 grams of marijuana concentrates. Recreational marijuana receives a 10% excise tax in addition to the state’s 6% sales tax, leading to a tax haul of around $43 million for August.
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