Michigan’s medical marijuana market has made over $42 million in sales since the state’s first dispensary opened back in November.
During the first month of operation, $7.1 million in marijuana sales had been recorded and only a few licensed dispensaries at the time had been open.
In January this number hit $11.9 million, then slid to $11.2 million in February.
The total for four months of sales recorded with the state Department of Licensing and Regulation was $42,061,557.
The state saw 8,670 pounds of marijuana sold at a median retail cost for customers of $213.91 per ounce during these four months.
This translates into more than $2.3 million sent to the state from the 6 percent sales tax and $1.2 million from the 3 percent excise tax.
According to David Harns, spokesman for LARA, Michigan is the second-largest medical marijuana market in the nation.
“That exceeds expectations that any of us had for the market,” said Rick Thompson, a board member of the Michigan chapter of the National Organization for the Reform of Marijuana Laws or NORML. “It’s a great sign since a significant part of the state isn’t serviced by a dispensary yet.”
“When we look at the economic advantage, it goes far beyond simple tax revenues,” he said. “Businesses are being created. Jobs are being created. And there’s redevelopment happening in dilapidated neighborhoods. The advantages of cannabis legalization are far-flung and just now being realized by the state.”
