Michigan has wrapped up a month of legal recreational marijuana sales and brought in almost $6.5 million during this time.
The state’s cut from these sales equals more than $1 million between Dec. 1 and Dec. 31, including $647,812 from a 10% excise tax and $427,556 in sales tax.
Michigan also collected at least $1 million in application fees, which are $6,000, from a minimum of 165 applicants, and nearly $1.4 million in licensing fees from approved businesses.
The Michigan Marijuana Regulatory Agency had issued 54 recreational marijuana business licenses as of January 2nd. This includes 26 to retail stores, nearly double the number of licenses Director Andrew Brisbo initially speculated the agency would issue by Jan. 1.
According to projections from state budget officials, the state’s recreational market could hit almost $1.5 billion in annual sales by the latter half of 2021.