Michigan marijuana gross sales reached a report excessive in March, with practically $250 million in mixed leisure and medical hashish purchases, based on state regulators.
The lion’s share of these gross sales got here from the adult-use market, which noticed $239.8 million value of marijuana merchandise offered final month. Medical marijuana purchases reached $9.8 million throughout the identical timespan, as New Hashish Ventures first reported.
Many of the hashish purchases got here from flower, adopted by vape cartridges and infused edibles, the Michigan Hashish Regulatory Company (CRA) data reveals.
The state is seeing these record-setting gross sales whilst the typical price of marijuana has remained at report lows, with the value of an oz now hovering round $90. In December 2021, against this, the price of an oz was about $180.
Whereas the state’s hashish market has continued to mature, companies nonetheless face challenges beneath federal prohibition, together with an absence of entry to conventional monetary companies that has created a cash-intensive business that’s uniquely focused by crime.
The lawyer basic of Michigan stated final month {that a} string of break-ins at marijuana dispensaries within the state underscore the necessity for Congress to cross hashish banking reform.
In the meantime, former Michigan Home Speaker Rick Johnson (R), who went on to chair the state’s Marijuana Licensing Board, caught headlines this month after a federal prosecutor charged him for allegedly taking bribes in trade for offering privileged info and help to pick license candidates. He and different defendants reached plea agreements within the case.
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Michigan regulators introduced final 12 months that they have been issuing one other spherical of grants to help analysis into the therapeutic advantages of marijuana for navy veterans, utilizing tax {dollars} the state generated from adult-use hashish gross sales.
This time round, CRA really helpful awarding $20 million in grants to 2 universities as a part of the Veteran Marijuana Analysis (VMR) Grant Program.
Officers additionally introduced final 12 months that the state could be distributing practically $150 million in marijuana tax income, divided between localities, public colleges and a transportation fund.
Michigan is only one of quite a few states which might be reporting sturdy hashish gross sales as extra markets come on-line and develop.
For instance, Connecticut noticed a report $22 million in mixed leisure and medical marijuana gross sales final month, preliminary state knowledge launched on Monday reveals.
Missouri hashish gross sales reached a report $126 million in March, the second month since adult-use retailers opened within the state after voters accepted legalization on the poll final November.
The governor of New Mexico not too long ago marked the one-year anniversary of the state’s adult-use marijuana market, touting its greater than $300 million in gross sales since final April in addition to the 1000’s of jobs the hashish business has created.
In Arizona, the year-end complete for 2022 adult-use hashish purchases reached $1.4 billion.
In Massachusetts, the state’s leisure market formally exceeded $4 billion in gross sales in January after launching in 2018.
Conversely, a high Wisconsin senator not too long ago launched a legislative evaluation that confirmed simply how a lot cash her state misplaced out to Illinois final 12 months, with Wisconsin residents who lack a regulated market going throughout the border and spending greater than $121 million on marijuana.
Photograph courtesy of WeedPornDaily.
The publish Michigan Marijuana Gross sales Hit File Excessive Of $250 Million In March, State Knowledge Reveals appeared first on Marijuana Second.