Last month was an extremely profitable and productive month for the cannabis industry in different states across the country, with business owners reporting record-breaking sales. This trend has been observed in various states as the marijuana markets mature, which is impressive, especially when one considers how the marijuana industry has flourished despite the COVID-19 pandemic.
Below are some of the few states that posted new sales records in the month of July.
Medical marijuana sales in the state of Missouri surpassed $20 million last month, with analysts noting that this amount was mainly attributed to growing patient enrollment in the state’s medical cannabis program and new dispensaries opening in the state. The total medical cannabis purchases made in the state thus far equate to roughly $90 million.
Data released by a regulatory body in the state of Michigan shows that recreational sales in July broke another record, with more than $170 million in marijuana transactions.
The month of July saw $42 million in medical marijuana sales and $107 million in adult-use marijuana sales. The total tax revenue generated last month translates to about $22 million, most of which will be allocated to individual jurisdictions, public education and infrastructure projects.
Most of July’s recreational sales went to edibles, which brought in about $18 million; vape cartridges, which brought in roughly $26 million; and flower marijuana products, which raked in almost $64 million.
A 45% increase from June’s sales record was observed in the state of Maine, with adult-use cannabis sales reaching almost $9.5 million. Local papers reported that marijuana business owners attributed the increase to tourism and the Fourth of July holiday.
The state’s retail market for recreational marijuana was established in October 2020 and has grown in popularity, with July 2021 being the first time adult-use sales matched the state’s medical cannabis sales.
In comparison to July 2020, the state of Illinois recorded double its total monthly sales, bringing in about $127 million in recreational marijuana purchases last month. Residents of the state also bought more than 2.8 million individual marijuana products last month, which represents another record.
The state’s Department of Financial and Professional Regulation revealed that out-of-state visitors contributed to about $41 million in sales while residents of the state bought $86 million in cannabis.
This new record makes July the fifth consecutive month that sales in the state’s adult-use market have surpassed $100 million. Estimates indicate that the state may collect more than $1 billion in adult-use cannabis sales this year if the trend continues.
These record-setting cannabis sales point to the possible success of companies, such as American Cannabis Partners, that are active in jurisdictions with thriving legal-marijuana markets.
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