There was nearly $300 million worth of marijuana sold legally in Michigan in August, with the year-to-date total nearing $2 billion.
According to data released by the Michigan Cannabis Regulatory Agency, there was $294 million worth of legal marijuana sold in August throughout Michigan. This is a roughly $7 million increase from the $287 million sold in July, and it marks an over 5% increase from the sales totals for August 2023.
The year-to-date total for marijuana sales in Michigan is now around $1.9 billion.
Since the legalization of recreational marijuana in December 2019, total sales have passed $9 million. Medical marijuana sales have added another $1.7 billion, making the combined total well above $10 billion. These sales have resulted in over $1.5 billion in tax revenue.
The number of licensed marijuana retail outlets continues to grow, with over 850 retailers now operating across Michigan.
In November 2018, Michigan voters approved the legalization of marijuana, and the first licensed retail outlet opened the following year. The law permits individuals 21 and older to possess up to 2.5 ounces of marijuana and up to 15 grams of marijuana concentrates. Recreational marijuana is subject to a 10% excise tax, in addition to the state’s 6% sales tax.
Michigan allocates its marijuana tax revenue as follows:
- Administration and Enforcement: 15% to local governments with marijuana businesses.
- Schools and Roads: 35% to the School Aid Fund and the Michigan Transportation Fund.
- Local Governments: 15% to counties and municipalities with marijuana businesses.
- Other Allocations: Remaining funds are directed to state programs for substance abuse treatment and law enforcement training.
More articles from The Marijuana Herald can be found below.
