U.S, March 19, 2020 (CANNABISBUSINESSTIMES) Michigan’s adult-use cannabis sales reached $14.8 million in February, which is a 34% increase over January’s sales of $9.8 million, according to an MLive.com report.
December marked the first full month of adult-use sales in the state and brought in $7 million in total sales, the news outlet reported.
The number of licensed adult-use dispensaries is also steadily increasing. Michigan had 42 retailers in January and 59 in February, and as of March 17, there are 74 licensed adult-use shops in the state, according to MLive.com.
While sales figures and the number of licensed dispensaries are on the rise, adult-use cannabis prices are steadily declining, the news outlet reported. In February, the average retail cost for an ounce of flower was $494.77, which is a decrease from $512.05 per ounce in January and $516.21 in December, according to MLive.com.
Michigan has collected nearly $1.4 million in licensing fees and other revenue connected to the industry, the news outlet reported, and will rake in about $1.5 million from its 10% excise tax on cannabis, as well as roughly $977,000 from its 6% sales tax.
Meanwhile, medical cannabis sales in the state remain steady, according to MLive.com. Patients purchased $25.7 million worth of cannabis in February, $25.2 million in January and $24.9 million in December, the news outlet reported.