Michigan Cannabis Sales Surpass $3 Billion
January 23, 2024Michigan and Rhode Island have joined the number of states seeing record sales to close out 2023, as newer cannabis markets continue to drive growth in the industry.
In Michigan, consumers purchased just under $280 million in cannabis in December, a 7.5% jump over November and a 26.2% increase over December 2022. According to the Michigan Cannabis Regulatory Agency sales are overwhelmingly adult-use with medical marijuana only contributing $3.2 million, a 76.2% decline over the previous December. For the year, Michigan sales are estimated to have eclipsed $3 billion, making the industry an extremely lucrative source of taxes for the state. Tax revenue from cannabis reached $266.2 million for the state’s fiscal year, according to a report from state’s House Fiscal Agency.
In Rhode Island, operating from a much smaller base than Michigan, December also set a new record for sales. Last month the state’s cannabis market sold $10.2 million in cannabis, with the majority ($7.8m) coming from adult-use sales, with medical sales at $2.4 million. In all, Rhode Islanders purchased more than $100 million in cannabis in 2023, with roughly two-thirds sold in the adult-use market. The leading categories in the state’s first full year of retail sales were edibles, vape cartridges, pre-rolls, and packaged flower.—Shane English
Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.Tagged : cannabis
