Michigan’s medical marijuana market is growing beyond expectations, generating more than $42 million in sales since the first dispensary opened on Nov. 1.
In the first month of operation, when only a few licensed dispensaries were open, $7.1 million in pot sales were recorded with the state Department of Licensing and Regulation. That figure grew to $11.9 million in January and slipped slightly to $11.2 million in February, a frigidly cold month with three fewer days than January. The total for four months is $42,061,557.
In those four months, 8,670 pounds of marijuana were sold at a median retail cost for customers of $213.91 per ounce. And that translates into more than $2.3 million sent to the state from the 6 percent sales tax and $1.2 million from the 3 percent excise tax.
“That exceeds expectations that any of us had for the market,” said Rick Thompson, a board member of the Michigan chapter of the National Organization for the Reform of Marijuana Laws or NORML. “It’s a great sign since a significant part of the state isn’t serviced by a dispensary yet.”