Michigan marijuana stores sold more product in December than in any month prior.
According to the Michigan Cannabis Regulatory Agency, there was $276,732,645 worth of recreational marijuana sold in December, in addition to $3,177,042 worth of medical marijuana. The combined $279,909,688 is a new monthly record.
Total marijuana sales for 2023 ended at around $3.1 billion. Total recreational marijuana sales since the start of legal sales in December, 2019 now stands at $6.9 billion. This is in addition to the $1.6 billion in medical marijuana sold during the same period. This brings total marijuana sales over the past four years to round $8.5 billion.
According to the Cannabis Regulatory Agency there are currently 751 licensed marijuana retail outlets located throughout Michigan, 10 more than the previous month. The total number of active licensed in the marijuana industry is 2,170.
The average cost per ounce of recreational marijuana in November was $95.08, a nearly $2.50 decrease from the $97.51 average in November.
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.
According to a House Fiscal Agency report released in November, the excise tax on the legal distribution of marijuana and marijuana products resulted in $266.2 million in tax revenue for Michigan in fiscal year 2023, which was higher than the taxes garnered from beer, wine and liquor sales.
