The Cannabis Regulatory Agency in the state of Michigan recently published data showing that the state set a new record for cannabis sales last month. The state reached almost $210 million in total marijuana sales, recording more than $188 million in adult-use cannabis purchases and more than $21 million in medical marijuana sales in the month of July.
This total is almost $15 million higher than the previous record the state set earlier in the year. The majority of the cannabis purchases for both recreational and medical use were for flower products, with vape cartridges coming in second. The data also demonstrates a continuation of a sales trend in the state’s cannabis market, with medical marijuana purchases dropping while adult-use sales grow. The first recreational shops were launched in the state in December 2019.
Meanwhile, regulators in the state also announced that they were awarding grants to support studies into the therapeutic benefits of cannabis for military veterans. They plan to use the tax dollars generated by the state from adult-use marijuana sales to do so. The Cannabis Regulatory Agency revealed that it had recommended issuing $20 million in grants to two universities as part of the Veteran Marijuana Research grant program.
Earlier in March, officials in the state had announced that Michigan would be allocating almost $150 million in cannabis tax revenue to be divided between a transportation fund, public schools and localities. The Department of Treasury in the state revealed that the funding included about $42 million for 53 counties, 33 townships, 15 villages and 62 cities. The figure is significantly higher than the funding the state paid out to municipalities with tax revenue generated in 2021.
Last year, the state of Michigan recorded more than $481 million in medical marijuana sales and a little over $1.3 million in cannabis purchases for adult-use marijuana. In December alone, roughly $33 million in medical cannabis sales and more than $135 million in recreational marijuana purchases were recorded. In addition to this, state regulators revealed earlier in the year that they had named Hazel Park as the first approved social consumption site for adult-use cannabis in the state. It is expected that as that segment of the cannabis industry grows, more tax revenue will be generated.
The state of Michigan isn’t the only one recording significant cannabis sales in the country. For instance, the state of Massachusetts recently recorded $3 billion in adult-use cannabis sales. The state launched its market in 2018.
The cannabis tax dollars being invested in helping the communities worst affected by the racist/discriminatory enforcement of prohibitionist laws shows how much licensed companies such as Prime Harvest Inc. can be a force for good when an environment is created to let them operate and thrive so that the taxes generated from their operations can help rebuild communities in their areas of operation.
NOTE TO INVESTORS: The latest news and updates relating to Prime Harvest Inc. are available in the company’s newsroom at https://cnw.fm/PRIME
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