Michigan recreational marijuana sales increase 34% in February, prices down slightly

Michigan’s recreational marijuana industry continued its steady ascent in February, based on the latest monthly statistical report released by the state Marijuana Regulatory Agency.

Monthly recreational marijuana sales hit $14.8 million, a 34% increase over the nearly $9.8 million in January sales. The first full month of recreational sales, which began Dec. 1, logged $7 million in sales.

The number of licensed recreational marijuana retailers grew from 42 in January to 59 in February and there were 74 as of March 17, according to the Licensing and Regulatory Affairs website.

While sales increase, prices are decreasing slightly. The average retail cost for an ounce of flower in February was $494.77 per ounce ($7,916 per pound), down from $512.05 per ounce in January and $516.21 in December.

The state will collect about $1.5 million from the 10% excise tax and $976,800 from the 6% sales tax related to recreational marijuana sales. The state collected nearly $1.4 million in licensing fees and other revenue and spent about $344,000 overseeing the licensed recreational marijuana industry, according to the February report.

The first $20 million for the first two years after recreational marijuana sales begin is slated to be spent on research for marijuana use in health care. [Read more at MLive.com]