Michigan’s Medical Marijuana market is off to a hot start, racking in over $42 million in revenue in just its first 4 months of business. Dispensaries officially opened for business on November 1, 2018, and the demand for Medical Cannabis is clearly evident. According to the state Department of Licensing and Regulation Michigan pulled in $7.1 million in Cannabis sales during the first month alone. Sales ballooned to $11.9 million in January 2019 before leveling off in February for a total of $11.2 million. The small decline in sales is likely due to the extremely cold weather, as well as February, being a shorter month. Nevertheless, Michigan was able to rack up total sales of exactly $42,061,557 in their first 4 months of legal operations. To give our readers some context as to what $42 million in sales actually equates to, a total of 8,670 pounds of Cannabis was sold at an average cost of $213.91 per ounce. Breaking down the numbers further, with a 6% sales tax on all Cannabis sales, the state of Michigan was able to collect $2.3 million in tax dollars. Add that to the $1.2 million collected from the additional 3% excise tax and Michigan was … Continue reading Michigan Medical Marijuana Sales Top $42 Million in 4 Months, Introducing the Next Big Player in the State