Michigan marijuana gross sales hit one other document excessive in June, reaching almost $261 million.
Grownup-use hashish purchases accounted for almost all of the full, at $254,153,133. Medical marijuana gross sales have been at $6,643,877. This beats the prior document set in March by greater than $10 million.
A lot of the hashish purchases got here from flower, adopted by vape cartridges and infused edibles, the Michigan Hashish Regulatory Company (CRA) knowledge, first reported by New Hashish Ventures, shows.
The state is seeing these record-setting gross sales at the same time as the typical price of marijuana has remained at document lows, with the value of an oz for adult-use hashish now hovering round $90. In December 2021, in contrast, the price of an oz was about $180. The common ounce for medical marijuana final month was about $100.
Whereas the state’s hashish market has continued to mature, companies nonetheless face challenges underneath federal prohibition, together with an absence of entry to conventional monetary companies that has created a cash-intensive trade that’s uniquely focused by crime.
The lawyer common of Michigan stated in March {that a} string of break-ins at marijuana dispensaries within the state underscore the necessity for Congress to move 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 in April after a federal prosecutor charged him for allegedly taking bribes in trade for offering privileged data and help to pick license candidates. He and different defendants reached plea agreements within the case.
Michigan regulators introduced final 12 months that they have been issuing one other spherical of grants to assist 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 beneficial 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 almost $150 million in marijuana tax income, divided between localities, public faculties and a transportation fund.
In the meantime, state officers just lately permitted modifications to the state’s employment coverage, making it so candidates for many authorities jobs will not be topic to pre-employment drug testing for marijuana.
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Michigan isn’t the one state setting hashish gross sales information.
Massachusetts marijuana gross sales reached almost $152 million in June—a document month-to-month excessive for the reason that state’s adult-use market launched in November 2018—state knowledge reveals.
Connecticut additionally noticed document excessive marijuana gross sales final month, at $24 million for the sixth months for the reason that opening of the state’s leisure trade.
In Maryland, the place adult-use hashish market launched this month, marijuana gross sales topped $10 million throughout the opening weekend.
The submit Michigan Marijuana Gross sales Hit Document Excessive Of $261 Million In June, State Knowledge Exhibits appeared first on Marijuana Second.