Michigan broke a marijuana sales record in April, with nearly $200 million in cannabis purchases, state data shows.<\/p>\n
The state saw about $168 million in recreational marijuana sales and $27 million for medical cannabis, for a total of nearly $195 million.<\/p>\n
Andrew Brisbo, executive director of the state Cannabis Regulatory Agency (CRA), broke down the numbers, which showed a notable dip in medical marijuana sales compared to a year ago (down 44 percent) and a significant increase in adult-use purchases (up 60 percent) in that timeframe.<\/p>\n
\nApril’s record marijuana sales in Michigan resulted in $19.5 million in excise tax revenue invested in roads, schools, and local governments across the state. In addition, nearly $13 million also collected into the general sales tax bucket. That’s one month. https:\/\/t.co\/ruPIXWZor8<\/a><\/p>\n
\u2014 David Harns (@DavidHarns) May 10, 2022<\/a><\/p>\n<\/blockquote>\n\n
While the state didn\u2019t speculate about the reasons for this April\u2019s record sales figures, it is the case that April 20 is the unofficial cannabis holiday.<\/p>\n
Last month\u2019s haul generated $19.5 million in excise tax revenue that the state can use to fund roads, schools and local governments. That\u2019s in addition to $13 million in general sales taxes generated by cannabis sales.<\/p>\n
Brisbo also pointed out that the new sales record<\/a> was set last month \u201cdespite the fact that the average retail flower price (ounce) dropped from $203.91 in April 2021 to $123.54 in April 2022 for medical sales and from $245.99 to $133.19 for adult-use sales.\u201d<\/p>\n
\nOn the medical side of the industry, there are currently 1285 active licenses (459 provisioning centers) and 161 municipalities have opted in. <\/p>\n
On the adult use side, there are now 1412 active licenses (500 retailers) and 119 municipalities have opted in.<\/p>\n
3\/3<\/p>\n
\u2014 Andrew Brisbo (@AndrewBrisbo) May 10, 2022<\/a><\/p>\n<\/blockquote>\n\n
Meanwhile, Michigan officials announced in March that it would be distributing nearly $150 million in marijuana tax revenue<\/a>, divided between localities, public schools and a transportation fund.<\/p>\n
The state Treasury Department said that the funding\u2014made possible from tax revenue generated from the state\u2019s adult-use cannabis program\u2014includes $42.2 million for 62 cities, 15 villages, 33 townships and 53 counties.<\/p>\n
That\u2019s\u00a0more than four times the level of funding<\/a>\u00a0that the state paid out to municipalities with cannabis tax dollars last year.<\/p>\n
All told in 2021, Michigan saw $1,311,951,737 in marijuana sales for adult-use and $481,225,540 for medical cannabis. In December alone, there were\u00a0more than $135 million in recreational cannabis purchases<\/a>\u00a0and about $33 million in medical marijuana sales.<\/p>\n
Regulators also announced earlier this year that the they approved the state\u2019s first-ever social consumption site for adult-use marijuana in Hazel Park. It stands to reason that, as that sector of the marijuana industry grows, even more tax revenue may follow.<\/p>\n
Michigan isn\u2019t the only state that\u2019s seeing significant marijuana sales and working to put the resulting tax dollars to good use.<\/p>\n
In Colorado, the state released sales data for March showing that marijuana purchases rebounded in March<\/a> after a prolonged slump this year. However, sales are still down from 2021 levels.<\/p>\n
Illinois adult-use marijuana sales reached nearly $132 million in April<\/a>, the second highest monthly total since the market launched in 2020 and another sign that the state\u2019s industry is stabilizing following a slump at the beginning of this year.<\/p>\n
Massachusetts is\u00a0collecting more tax revenue from marijuana than alcohol<\/a>, state data released in January shows. As of December 2021, the state took in $51.3 million from alcohol taxes and $74.2 million from cannabis at the halfway point of the fiscal year.<\/p>\n
Arizona\u00a0generated more tax revenue to the state general fund<\/a>\u00a0from legal marijuana sales than from tobacco and alcohol combined in March, the state reported.<\/p>\n
Altogether, states that have legalized marijuana for adult use\u00a0collectively generated more than $3.7 billion<\/a>\u00a0in tax revenue from recreational cannabis sales in 2021, according to a report from MPP.<\/p>\n
\nIRS Official Addresses Marijuana Industry\u2019s Financial Challenges And Congressional Solutions<\/a><\/p>\n<\/blockquote>\n\n
Photo courtesy of WeedPornDaily<\/a>.<\/em><\/p>\n
The post Michigan Broke Marijuana Sales Record In April, State Data Shows<\/a> appeared first on Marijuana Moment<\/a>.<\/p>\n
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