Hashish gross sales in Michigan hit a file excessive final yr with dispensaries retailing somewhat greater than $3 billion price of hashish, the Metro Times experiences.
Annual hashish gross sales have elevated yearly since Michigan’s adult-use market launched in 2019, and a big majority — about $2.74 billion — of final yr’s gross sales had been from adult-use transactions. Notably, retailers closed out the yr with the state’s highest month-to-month hashish gross sales file thus far with $279.9 million in December gross sales.
The file gross sales yr additionally generated about $457.6 million in new taxes for the state — together with greater than $274 million for native governments, colleges, and roads, with an extra $183.6 million for colleges, roads, and public well being, the report mentioned.
Regardless of the substantial quantity of native tax {dollars} that cities may achieve from hashish gross sales, a majority of the state’s municipalities have adopted moratoriums towards adult-use gross sales.
Michigan voters authorized the state’s hashish legalization reforms in 2018 and adult-use gross sales launched within the state in 2019. The market has been plagued from its begin by points with oversaturation, which brought about retail costs to plummet from somewhat greater than $500 per ounce of hashish flower at market launch to only $80 per ounce final January. Common costs elevated barely over final yr, ending at about $90 per ounce in December, in accordance with the report.
State officers in Michigan, which was the tenth U.S. state to legalize adult-use hashish, opted final yr to take away cannabis-related drug testing restrictions for many state worker positions.
Get day by day hashish enterprise information updates. Subscribe