Michigan’s medical marijuana market is growing beyond expectations, generating more than $42 million in sales since the first dispensary opened on Nov. 1.
In the first month of operation, when only a few licensed dispensaries were open, $7.1 million in pot sales were recorded with the state Department of Licensing and Regulation. That figure grew to $11.9 million in January and slipped slightly to $11.2 million in February, a frigidly cold month with three fewer days than January. The total for four months is $42,061,557.
In those four months, 8,670 pounds of marijuana were sold at a median retail cost for customers of $213.91 per ounce. And that translates into more than $2.3 million sent to the state from the 6 percent sales tax and $1.2 million from the 3 percent excise tax.
David Harns, spokesman for LARA, noted that with more than 294,000 medical marijuana cardholders, Michigan is the second-largest medical marijuana market in the nation.
Michigan’s number is fairly extraordinary since the state has only licensed 54 medical marijuana dispensaries and many of those have only been open for a relatively short amount of time. [Read more at Detroit Free Press]