Michigan recreational marijuana retailers sold nearly $1.8 million of products between Dec. 30 and Jan. 5, the fifth week since recreational sales became legal.
This is the highest weekly sales total to date by about $2,000 and resulted in $177,300 in excise tax and $117,018 sales tax revenue for the state, the Marijuana Regulatory Agency said.
- Week 1, $1.63 million
- Week 2, $1.47 million
- Week 3, $1.6 million
- Week 4, $1.77 million
- Week 5, $1.77 million
While sales remain brisk, they’re not as robust as in Illinois, where recreational marijuana sales went live Jan. 1 and generated $10.8 million in sales over the first five days, the Chicago Tribune Reports.
Illinois kicked off sales with more than 30 licensed existing medical marijuana dispensaries, while Michigan only had three active recreational retailers during the first week. There are now 27 licensed retailers and growing in Michigan.
Since Dec. 1, Michigan marijuana shops have sold $8.3 million worth of recreational marijuana, generating $1.4 million in combined excise and sales taxes.
There currently 53 recreational marijuana business licenses, including 27 retailers, 14 class C marijuana grower licenses held by six 6 different businesses, five processors, four secure transporters, two event organizers and a safety compliance lab.
Collected license and application fees are expected to be enough to repay a $10 million general fund loan the Marijuana Regulatory Agency received to start up when it was created in March 2019 and to fund agency costs in the future.
As of last week, the state had collected at least $1 million in application fees, which are $6,000, from a minimum of 165 applicants, and nearly $1.4 million in licensing fees from approved businesses.
The 2018 voter-passed law requires the first $20 million collected in excise taxes over the first two years of the program be spent on medical research involving marijuana.
The breakdown of the remainder is: 15% to cities, townships or villages that allow recreational business, proportioned to the total number of micro-businesses and retailers; 15% to counties, proportional to the total number of micro-businesses and retailers; 35% to the School Aid Fund for K-12 education and 35% to the Michigan Transportation Fund for road and bridge repair.
State budget officials have projected the recreational marijuana market to pace near $1.5 billion in annual sales by the latter half of 2021.
Based on forecasts released by Anderson Economic Group, an economics, research and consulting firm that analyzes marijuana markets across the U.S., it will likely be 2022 or later before the industry eclipses $1.5 billion in annual sales.
“Recently legalized states have relied on overly-optimistic projections, with California misjudging demand by over 50%" and it “would be wise to evaluate lofty figures with a critical eye,” said Anderson Economic Group CEO Patrick Anderson.
The 2018 voter-passed law requires the first $20 million collected in excise taxes over the first two years of the program be spent on medical research involving marijuana.
The breakdown of the remainder is: 15% to cities, townships or villages that allow recreational business, proportioned to the total number of micro-businesses and retailers; 15% to counties, proportional to the total number of micro-businesses and retailers; 35% to the School Aid Fund for K-12 education and 35% to the Michigan Transportation Fund for road and bridge repair.
The below map, which MLive is updating as new licenses are issues, includes all known retail marijuana stores.
More on MLive:
Monthly recreational marijuana sales near $6.5 million
Recreational market poised to boom in 2020
Michigan wants Weedmaps to stop advertising for unlicensed marijuana businesses
Michigan not collecting personal information on customers
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Michigan recreational marijuana sales surpassed $1.7 million last week - MLive.com
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