Michigan: March Marijuana Sales Crush Monthly Record with $288 Million Sold

There was $288.8 million in marijuana sold legally in Michigan in March, beating the previous monthly record by over $8 million.

In total there was $288,843,279.77 worth of legal marijuana sold in March, according to data released by the Michigan Cannabis Regulatory Agency. This marks a drastic $27 million increase from February and a $46 million increase from January.

Of the $288 million in sales, just $2,053,021.25 was purchased by medical marijuana patients, with the remaining $286,790,258.52sold to recreational consumers.

Total recreational marijuana sales since the start of legal sales in December, 2019 now stands at around $7.6 billion, resulting in over $1.3 billion in tax revenue. This is in addition to the $1.6 billion in medical marijuana sold during the same period.

The average cost per ounce of recreational marijuana in March was $90.79, a $1.15 decrease from February’s average.

According to the Cannabis Regulatory Agency there are currently 785 licensed marijuana retail outlets located throughout Michigan, 16 more than the previous month. The total number of active licensed in the marijuana industry is 2,196, two more than in February.

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.

Thank you for reading The Marijuana Herald! Sign up for our weekly newsletter using the form below.