Three months after the adult-use floodgates opened, Michigan’s cannabis industry is continuing to expand.<\/p>\n
Michigan’s legal weed market made a strong start last December, selling $221,000 worth of weed<\/u><\/a> on the first day of sales, and logging $3.1 million<\/u><\/a> in sales during the first two weeks of legalization. These two initial weeks of sales brought the state over half a million dollars in tax revenue.<\/p>\n Sales have continued climbing on a monthly basis, according to a new report by the state Marijuana Regulatory Agency. In February, legal weed retailers made $14.8 million<\/u><\/a> in sales, a sizable 34 percent increase over the $9.8 million sold in January, and more than double the $7 million sold in December.<\/p>\n The increase in sales is likely due to the increased access to legal weed across the state. The number of licensed retailers grew from 42 in January to 59 last month. That number is still growing, and there are now 74 legal pot shops as of this week, according to the state’s Licensing and Regulatory Affairs agency.<\/p>\n As access to legal weed increases, prices are dropping. When sales began in December, the average price of an ounce of weed was $561.21. In January, that average price dropped to $512.05 an ounce, and last month, it dropped to $494.77.<\/p>\n