In Michigan, licensed marijuana stores sold nearly $270 million worth of product in October.
In October, marijuana and marijuana products generated $269,527,217.05 in sales, according to data from the Michigan Cannabis Regulatory Agency (CRA). Nearly all sales were for recreational marijuana, with approximately $1 million coming from medical marijuana. These figures represent a slight increase from the $265 million recorded in September and the $262 million in October 2023.
The year-to-date total for marijuana sales in Michigan is now $2.5 billion. All-time sales are now $9,676,325,456.65, putting the state on track to cross $10 billion in mid-December. All-time sales have resulted in over $1.5 billion in tax revenue.
According to the CRA, there are now 2,268 licenses active marijuana business licenses, including 841 retailers.
Michigan voters legalized marijuana in 2018, and the first licensed retail outlet opened the following year. The law allows 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:
