420 with CNW — Michigan Registers a Record-Setti
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Posted On: 07/24/2023 5:32:56 PM
420 with CNW — Michigan Registers a Record-Setting $261M in June Cannabis Sales
June witnessed a remarkable achievement in marijuana sales in Michigan as the figures soared to an unprecedented peak, nearing a staggering $261 million. The lion’s share of this impressive total, amounting to $254,153,133, was contributed by adult-use marijuana purchases, while medical cannabis sales reached $6,643,877. This remarkable feat exceeded the previous record set in March by a margin of more than $10 million.
According to data from the Michigan Cannabis Regulatory Agency (CRA), the majority of cannabis purchases consisted of flowers, followed closely by vape cartridges and infused edibles.
Despite these remarkable sales records, Michigan continues to witness a noteworthy decline in the average cost of marijuana. The price of an ounce of recreational cannabis now lingers around $90, a substantial decrease compared to December 2021, when it was approximately $180. Similarly, the average ounce of medical marijuana in the previous month was valued at about $100.
While the cannabis market in Michigan continues to mature, businesses face persistent challenges due to federal prohibition. The absence of access to traditional financial services has forced the industry to rely heavily on cash transactions, making it an attractive target for criminal activities.
Highlighting the urgency of addressing this issue, the attorney general of Michigan emphasized the need for Congress to enact marijuana banking reform.
Last year, Michigan regulators unveiled their commitment to fund research on the therapeutic benefits of marijuana for military veterans by allocating tax revenue generated from adult-use cannabis sales. This time, the CRA recommended granting $20 million to two universities as part of the Veteran Marijuana Research (VMR) Grant Program. Additionally, officials announced the distribution of nearly $150 million in marijuana tax revenue to various beneficiaries, including a transportation grant, public schools and localities.
In recent developments, state officials in Michigan changed the state’s employment policy, eliminating pre-employment drug testing for marijuana for most government job applicants. This adjustment reflects a progressive stance toward cannabis use.
Michigan is not the only state experiencing remarkable growth in cannabis sales. Massachusetts achieved record-breaking marijuana sales of nearly $152 million in June, marking the highest monthly figure since the state’s adult-use market was launched in November 2018. Similarly, Connecticut witnessed a surge in marijuana sales, reaching a record high of $24 million in the six months following the launch of its recreational cannabis industry.
In Maryland, where the adult-use cannabis market began this month, marijuana sales surpassed $10 million during the opening weekend, indicating a promising start for the industry in the state.
These soaring sales figures coming out of Michigan suggest that it isn’t only marijuana companies that are benefiting from this boom. Ancillary companies such as Advanced Container Technologies Inc. (OTC: ACTX) may also be seeing an increase in business.
NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX
Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer
June witnessed a remarkable achievement in marijuana sales in Michigan as the figures soared to an unprecedented peak, nearing a staggering $261 million. The lion’s share of this impressive total, amounting to $254,153,133, was contributed by adult-use marijuana purchases, while medical cannabis sales reached $6,643,877. This remarkable feat exceeded the previous record set in March by a margin of more than $10 million.
According to data from the Michigan Cannabis Regulatory Agency (CRA), the majority of cannabis purchases consisted of flowers, followed closely by vape cartridges and infused edibles.
Despite these remarkable sales records, Michigan continues to witness a noteworthy decline in the average cost of marijuana. The price of an ounce of recreational cannabis now lingers around $90, a substantial decrease compared to December 2021, when it was approximately $180. Similarly, the average ounce of medical marijuana in the previous month was valued at about $100.
While the cannabis market in Michigan continues to mature, businesses face persistent challenges due to federal prohibition. The absence of access to traditional financial services has forced the industry to rely heavily on cash transactions, making it an attractive target for criminal activities.
Highlighting the urgency of addressing this issue, the attorney general of Michigan emphasized the need for Congress to enact marijuana banking reform.
Last year, Michigan regulators unveiled their commitment to fund research on the therapeutic benefits of marijuana for military veterans by allocating tax revenue generated from adult-use cannabis sales. This time, the CRA recommended granting $20 million to two universities as part of the Veteran Marijuana Research (VMR) Grant Program. Additionally, officials announced the distribution of nearly $150 million in marijuana tax revenue to various beneficiaries, including a transportation grant, public schools and localities.
In recent developments, state officials in Michigan changed the state’s employment policy, eliminating pre-employment drug testing for marijuana for most government job applicants. This adjustment reflects a progressive stance toward cannabis use.
Michigan is not the only state experiencing remarkable growth in cannabis sales. Massachusetts achieved record-breaking marijuana sales of nearly $152 million in June, marking the highest monthly figure since the state’s adult-use market was launched in November 2018. Similarly, Connecticut witnessed a surge in marijuana sales, reaching a record high of $24 million in the six months following the launch of its recreational cannabis industry.
In Maryland, where the adult-use cannabis market began this month, marijuana sales surpassed $10 million during the opening weekend, indicating a promising start for the industry in the state.
These soaring sales figures coming out of Michigan suggest that it isn’t only marijuana companies that are benefiting from this boom. Ancillary companies such as Advanced Container Technologies Inc. (OTC: ACTX) may also be seeing an increase in business.
NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX
Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer
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