Michigan Sure Likes Its Weed, Pounds Sold Quadruple In Last Year
Since the vote to legalize recreational marijuana sales in the state, sales have continually soared upward.
In data released recently by the Michigan Marijuana Regulatory Agency, cannabis sales in the state have slowly by steadily rose since the first dispensaries opened in the state in late 2019.
The figures covered marijuana sales from that first rec store opening in late 2019 through the year 2021.
Not only has the state benefitted from the taxing of the newly legal weed, consumers have benefitted from high sales in the form of the price of an ounce of legal weed.
Cost of the average ounce has leveled off to a low of about $185 per ounce from a high of over $500 when rec stores came on board in 2019. Medical marijuana prices have been steady over the same period.
The most telling statistic in the data was the amount of cannabis flower being sold. Just over the past year the pounds of marijuana flower per month sold in rec dispensaries went from just 5,557 pounds in 2020 to almost four times that with 21,518 pounds per month sold in 2021.
And that's just flower.
Add in edibles, and the total poundage bought in December alone at recreational facilities was over 180,000!
And the January 2022 stats show that pace is continuing so far in 2022, with close to 25,000 pounds of flower sold.
Right now, Michigan's excise tax is on marijuana is 10%. Add in sales tax and total taxes ends up being 16%, leaving Michigan in the bottom third for taxes on weed.
I'm happy to share that the market in Grand Rapids is growing, and healthy competition is aiding in keeping the average ounce costs low. So it looks as though Michigan has handled the transition to recreational cannabis sales very well.
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