For the fifth straight month, legal marijuana sales in Michigan surpassed a quarter of a million dollars.
According to the Michigan Cannabis Regulatory Agency, there was $262,891,203.09 worth of legal marijuana and marijuana products sold in October. This included marijuana flower and shake as well as marijuana concentrates and marijuana-infused edibles, tinctures, topicals and so forth.
The vast majority of the marijuana purchased in October – $258,474,612.51 – was for recreational use. Medical marijuana patients purchased $4,416,590.58 in product.
In total recreational consumers purchased 917,485.74 fluid ounces and 431,630.54 pounds of marijuana and marijuana products. Medical marijuana patients purchased 5,304 fluid ounces and 7,374 pounds.
Total recreational marijuana sales since the start of legal sales in December, 2019 now stands at $6,398,097,134. This is in addition to the over $1.6 million in medical marijuana sold during the same period.
According to the Cannabis Regulatory Agency there are currently 734 licensed marijuana retail outlets located throughout Michigan, 4 more than the previous month. The total number of active licensed in the marijuana industry is 2,136,
The average cost per ounce of recreational marijuana in October was $97.62, a decrease from the $100.14 average in September. The average cost of medical marijauna decreased $1.86 from $113.86 to $112.
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.
Last month legislation allowing Michigan to enter into marijuana agreements with Indian tribes while exempting them from the state’s marijuana excise tax was signed into law by Governor Gretchen Whitmer.