While the lines are shorter and the sales slightly less, Michigan’s recreational marijuana business remained brisk through its second week of existence.
In two weeks, the handful of licensed, actively selling retail locations have tallied $3.1 million in sales, the state Marijuana Regulatory Agency reports.
During the opening week of licensed recreational marijuana activity, predominantly at three Ann Arbor businesses between Dec. 1 and Dec. 8, there were $1.6 million in sales. Between Dec. 9 and Dec. 15, a week that kicked off with five recreational stores, shoppers made about $1.4 million in purchases.
The state has generated $515,051 in taxes, 6% sales and 10% excise.
The first $20 million in tax revenue for the first two years of recreational sales is slated to be spent on research for marijuana use in medicine. The breakdown of the remainder is: 15% to cities, townships or villages and 15% to counties that have allowed recreational business; 35% to public schools and 35% to roads and infrastructure.
Nearly 1,400 of Michigan’s 1,773 cities, townships and villages are not allowing recreational marijuana business in their communities.
MJShareholders.com is the largest dedicated financial network and leading corporate communications firm serving the legal cannabis industry. Our network aims to connect public marijuana companies with these focused cannabis audiences across the US and Canada that are critical for growth: Short and long term cannabis investors Active funding sources Mainstream media Business leaders Cannabis consumers