Michigan broke a marijuana gross sales file in April, with almost $200 million in hashish purchases, state information reveals.
The state noticed about $168 million in leisure marijuana gross sales and $27 million for medical hashish, for a complete of almost $195 million.
Andrew Brisbo, govt director of the state Hashish Regulatory Company (CRA), broke down the numbers, which confirmed a notable dip in medical marijuana gross sales in comparison with a yr in the past (down 44 %) and a major enhance in adult-use purchases (up 60 %) in that timeframe.
April’s file marijuana gross sales in Michigan resulted in $19.5 million in excise tax income invested in roads, colleges, and native governments throughout the state. As well as, almost $13 million additionally collected into the overall gross sales tax bucket. That is one month. https://t.co/ruPIXWZor8
— David Harns (@DavidHarns) May 10, 2022
Whereas the state didn’t speculate in regards to the causes for this April’s file gross sales figures, it’s the case that April 20 is the unofficial hashish vacation.
Final month’s haul generated $19.5 million in excise tax income that the state can use to fund roads, colleges and native governments. That’s along with $13 million normally gross sales taxes generated by hashish gross sales.
Brisbo additionally identified that the brand new gross sales record was set final month “even supposing the common retail flower worth (ounce) dropped from $203.91 in April 2021 to $123.54 in April 2022 for medical gross sales and from $245.99 to $133.19 for adult-use gross sales.”
On the medical facet of the trade, there are at the moment 1285 energetic licenses (459 provisioning facilities) and 161 municipalities have opted in.
On the grownup use facet, there are actually 1412 energetic licenses (500 retailers) and 119 municipalities have opted in.
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— Andrew Brisbo (@AndrewBrisbo) May 10, 2022
In the meantime, Michigan officers introduced in March that it could be distributing almost $150 million in marijuana tax income, divided between localities, public colleges and a transportation fund.
The state Treasury Division mentioned that the funding—made attainable from tax income generated from the state’s adult-use hashish program—contains $42.2 million for 62 cities, 15 villages, 33 townships and 53 counties.
That’s greater than 4 occasions the extent of funding that the state paid out to municipalities with hashish tax {dollars} final yr.
All informed in 2021, Michigan noticed $1,311,951,737 in marijuana gross sales for adult-use and $481,225,540 for medical hashish. In December alone, there have been greater than $135 million in leisure hashish purchases and about $33 million in medical marijuana gross sales.
Regulators additionally introduced earlier this yr that the they permitted the state’s first-ever social consumption website for adult-use marijuana in Hazel Park. It stands to motive that, as that sector of the marijuana trade grows, much more tax income could observe.
Michigan isn’t the one state that’s seeing vital marijuana gross sales and dealing to place the ensuing tax {dollars} to good use.
In Colorado, the state launched gross sales information for March exhibiting that marijuana purchases rebounded in March after a chronic hunch this yr. Nevertheless, gross sales are nonetheless down from 2021 ranges.
Illinois adult-use marijuana gross sales reached almost $132 million in April, the second highest month-to-month complete because the market launched in 2020 and one other signal that the state’s trade is stabilizing following a hunch at first of this yr.
Massachusetts is gathering extra tax income from marijuana than alcohol, state information launched in January reveals. As of December 2021, the state took in $51.3 million from alcohol taxes and $74.2 million from hashish on the midway level of the fiscal yr.
Arizona generated extra tax income to the state basic fund from authorized marijuana gross sales than from tobacco and alcohol mixed in March, the state reported.
Altogether, states which have legalized marijuana for grownup use collectively generated greater than $3.7 billion in tax income from leisure hashish gross sales in 2021, in keeping with a report from MPP.
Picture courtesy of WeedPornDaily.