Michigan's licensed cannabis retailers sold nearly $210 million worth of legal weed this July, setting a new all-time monthly sales record.
The state's robust adult-use industry raked in $188.8 million in gross sales last month, according to new data from the state Cannabis Regulatory Agency (CRA). All told, retailers moved 313,000 ounces of infused liquids and over 278,000 pounds of raw flower, edibles, vape carts, and other products. Medical dispensaries also sold an additional 9,450 ounces of edibles and 35,400 pounds of dry products, adding another $21.1 million to the monthly take.
Just eight months ago, in December 2021, the state was celebrating a record $168 million in sales. This April, the industry broke that record with $195 million in sales. And last month’s $209.94 million total beat that record by nearly $15 million. Since legal sales began in December 2019, the state has sold an impressive $2.95 billion worth of recreational bud. And on top of that, the state's medical cannabis industry has made an additional $1.4 billion in all-time sales.
As usual, flower remains the most popular legal product. Last month, adult-use retailers sold 46,777 pounds of bud for nearly $91 million, and medical dispensaries sold 5,628 pounds for nearly $10 million. Vape carts are the next-most profitable product, with $39.8 million worth of recreational and $5.1 million medical cartridges sold. Edibles are the largest product category by weight, but only the third-most profitable. Adult-use shops sold nearly 220,000 pounds of edibles for $22.7 million and medical dispensaries sold 28,000 pounds of edibles for $2.7 million in July.
Michigan's cannabis industry is quickly becoming one of the most robust legal weed markets in the entire US. Just across Lake Michigan, Illinois' thriving cannabis industry is only selling about $135 million a month, and newer markets like Arizona and New Mexico have yet to break the $100 million-a-month mark. The Great Lake State's monthly sales are even beating Colorado's long-established cannabis industry – but Michigan still has yet to beat Colorado's all-time monthly record of $226 million.
These record sales are bringing in record tax revenue, and the state is taking steps to put this money to good use. Last year, the state made nearly $250 million in weed tax revenue, $150 million of which was divided between state schools, transportation funds, and individual municipalities. Another $115 million went to the state's general fund, and the CRA is planning to hand out another $20 million in grants to two universities that will research how medical cannabis can help veterans cope with PTSD and other issues.