420 with CNW — Michigan Hits New Marijuana Sales Record in September

New data from the state of Michigan shows that for the third time this year, the state has broken a new record in its cannabis sales. Sales data from September shows that the state raked in $212 million from both medical and adult-use marijuana sales. This figure is $17 million higher than the state’s April sales and roughly $2 million higher than the state’s July sales.

The data shows that the majority of the cannabis purchases for both recreational and medical use were for flower products. It also demonstrated a continuation of a sales trend in the state’s cannabis market, with adult-use sales for cannabis increasing while medical marijuana purchases continue to decline.

The state’s first recreational cannabis shops launched in December 2019.

This new data comes after regulators in the state announced that they would be issuing grants to support studies into the therapeutic benefits of cannabis for veterans, using tax revenues generated from adult-use marijuana sales. The Cannabis Regulatory Agency also revealed that it had recommended awarded grants worth $20 million to a pair of universities as part of the Veteran Marijuana Research Grant Program.

This comes after officials in the state had announced earlier this year that Michigan would be distributing almost $150 million in cannabis tax dollars, divided between public schools, localities and a transportation fund. The state’s Department of Treasury reported that the funding, which was made possible from tax dollars generated from its adult-use marijuana program, included about $42 million for 53 counties, 33 townships, 15 villages and 62 cities. This figure more than quadruples the amount in funding that the state allocated to municipalities from marijuana tax revenues in 2021.

Cumulatively, the state of Michigan recorded $481,225,540 and $1,311,951,737 in cannabis sales for medical and adult-use cannabis sales in 2021. In December 2021, the state recorded roughly $33 million in medical cannabis sales and more than $135 million in recreational marijuana purchases.

Earlier this year, state regulators also announced the approval of the first-ever social consumption site for adult-use cannabis in Michigan. The site will be located in Hazel Park. In addition, it is expected that as the state’s cannabis industry grows, even more tax dollars will be generated.

Additionally, legislators in the City Council of Hazel Park also approved a measure that designated September as the month of awareness of the therapeutic potential of psychedelics. This comes after the city locally decriminalized entheogenic fungi and plants.

Michigan is on course to become similar to major U.S. marijuana markets such as California where companies such as Prime Harvest Inc. operate and make a contribution to the local economy.

NOTE TO INVESTORS: The latest news and updates relating to Prime Harvest Inc. are available in the company’s newsroom at https://cnw.fm/PRIME

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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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