Six weeks into the recreational marijuana business in Michigan, sales have exceeded $10 million.
The high water mark of $10,090,446 in sales also means that $1,675,014 in revenues from a 10% excise tax and 6% sales tax flowed into state coffers.
Michigan marijuana enthusiasts could start buying legal weed on Dec. 1, roughly 13 months after voters approved a ballot proposal that legalized marijuana use and possession for anyone who is at least 21. The proposal, which passed 56%-44%, also allows for people to grow up to 12 plants in their home for personal use.
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It also tasked the state’s Marijuana Regulatory Agency with coming up with rules for the industry, which is expected to reach nearly $1 billion in sales when the market is fully grown.
Right now, the sales are happening at 16 marijuana retail shops that have gotten state licenses and have been able to open. There are 35 shops that have been licensed by the state, but many are waiting to open until they have enough marijuana products to meet the demand.
To read more, click on https://www.freep.com/story/news/marijuana/2020/01/15/recreational-weed-michigan-marijuana-dispensaries-sales/4478543002/