Friday, August 12, 2022

Michigan Cannabis Sales Near $1B In First Year Of Adult-Use Sales

On its first day of legal adult-use transactions in December 2019, the state generated $221,000 in post-tax sales.

By Jelena Martinovic

Cannabis sales in Michigan spiked during December, bringing the total to $984.6 million for 2020.

Medical cannabis sales accounted for $474 million for the year, while adult-use sales reached $510.7 million, according to New Cannabis Ventures citing data from the Michigan Marijuana Regulatory Agency.

Combined cannabis sales, including medical and adult-use, for December amounted to $101 million.

Over the month, adult-use sales rose by 12.7%, reaching a record of $61.6 million. Medical cannabis sales increased by 6.2% over November and 59% year-over-year to $39.6 million.

Michigan Cannabis Companies Expand Despite — And Because Of — Coronavirus
Photo by Anon via Pexels

The state reported that flower and trim sales accounted for 55% of the adult-use market, concentrates and vape for 25%, while edibles were 19% of the market.

Michigan’s regulated program launched in late 2019.

RELATED: All Eyes On Michigan As State’s New Cannabis Market Booms

On its first day of legal adult-use transactions in December 2019, the state generated $221,000 in post-tax sales.

In March, the Michigan Department of Licensing and Regulatory Affairs reported that recreational cannabis sales in the Wolverine State generated $31 million for the first three months.

This article originally appeared on Benzinga and has been reposted with permission.

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