There was over $240 million worth of marijuana sold legally in Michigan in February, as prices dropped to a new all-time low.
In February, according to data released today by the state’s Cannabis Regulatory Agency (CRA), there was $241,295,133.97 worth of adult-use marijuana and marijuana products sold, in addition to $631,498.46 worth of medical marijuana. The combined $241,926,632 marks a slight dip from the $247 million sold in January.
In February, the average price for an ounce of cannabis again reached a new low, dropping from $66.50 in January to $65.21 in February.
According to the CRA, there is now 858 licensed marijuana stores in the state, eight more than the previous month, and 2,250 total active marijuana business licenses (12 less than in January).
Michigan voters approved marijuana legalization in 2018, with the first licensed retail outlets opening the following year. Those 21 and older may legally possess up to 2.5 ounces of marijuana and 15 grams of marijuana concentrate. Recreational marijuana is subject to a 10% excise tax, in addition to the state’s 6% sales tax.
The state allocates marijuana tax revenue as follows: 15% to local governments with marijuana businesses, 15% to counties and municipalities, 35% to the School Aid Fund, and 35% to the Michigan Transportation Fund. Remaining funds support substance abuse treatment and law enforcement training programs.
