Michigan legalized recreational marijuana on December 1, and sales in the state’s first eight days exceeded $1.6 million. The sales helped the state’s coffers by bringing in more than half a billion dollars, which weed news will be split among the state’s transportation fund, counties and municipalities, and the school aid fund. The tax collected on recreational marijuana goes toward improving the public’s quality of life.
Retail marijuana sales in Michigan exceeded $1.6 million during the first week, a record high for the state. Only five stores were operating during the first week of sales, but the sales total is about $2,000 higher than the previous week. A total of $177,000 in excise and sales tax was collected. The state’s taxes on the sale of marijuana also went up, making it easier for people to obtain it from illegal sources.
The first week of legal recreational cannabis sales in Michigan saw more than $1 million in sales. This includes just five retail marijuana stores. In total, adults purchased more than $1.63 million worth of pot between Dec. 1 and Dec. 8, bringing in a combined $162,900 in revenue from a 10% state excise tax and a 6% state sales tax. Three of the shops closed and had limited supplies, and the third went under on the eighth day.
The legal recreational marijuana industry in Michigan has made a splash since the first eight days of sale. Retailers sold 1.8 million products during the past eight days, making Michigan the most prosperous state in the Midwest. The state is also collecting $170,414 in sales and excise tax, according to the Michigan Marijuana Regulatory Agency. The MCRA has approved ten retail licenses, but half of them are not yet open. More shops are expected to open in the coming weeks, and more tax revenue will be collected.
In the first eight days of legalizing recreational marijuana in Michigan, sales of the plant have exceeded $270 million dollars, including the state’s sales tax and excise tax. Despite the fact that more than 1,400 communities in the state have not yet legalized the drug, it is expected to be a huge success. With more customers, the new market will become a big source of income for the state.
While Illinois legalized recreational marijuana in its first weeks, Michigan is behind in terms of sales. While only three stores were operating during the first week, Michigan now has 27. The state has a total of 53 retail marijuana businesses and 14 class C marijuana growers, and the state has already passed a law allowing for the use of the cannabis in public. The revenue generated from sales in Michigan’s legal market is a major incentive for consumers to pursue a legal source of cannabis.
The first eight days of legal recreational marijuana sales in Michigan have been encouraging. There are now three retail marijuana dispensaries in Ann Arbor, and another three in the town of Evart. The state’s first eight days of legal recreational marijuana sales have generated more than $1.6 million in taxes and excise. Currently, there are dozens of recreational cannabis businesses in Michigan. The state’s eight days have seen a large increase in revenue for the Michigan industry.
The first week of legal recreational marijuana sales in Michigan has been a mixed one. The state has opened its doors to three licensed retail shops, while the state has six more medical marijuana dispensaries. The new law massachusetts marijuana seeds allows recreational cannabis businesses to be owned and operated by local governments. The new laws have created a large demand for recreational cannabis. But the state’s recreational market has yet to fully develop.
The first eight days of legal recreational marijuana sales have been a success. It is estimated that Michigan will sell over $16 million of recreational marijuana, and more than a quarter of that will go to local governments. While the market is largely a shadow market, the tax generated will be divided between counties and cities where it is legal to sell recreational cannabis. The House Fiscal Agency projects that these taxes will reach $97.5 million by 2020.