State officials say that recreational and medical marijuana sales in Michigan hit a record high in March, with nearly $250 million spent.
The adult-use market, which sold $239.8 million worth of marijuana goods last month, accounted for most of these sales. New Cannabis Ventures was the first to report that sales of medical marijuana hit $9.8 million during the same time period.
The Michigan Cannabis Regulatory Agency (CRA) data shows that most of the cannabis sales were for flower, followed by vape cartridges and edibles with cannabis in them.
Even though the average price of marijuana has stayed at a record low, with an ounce costing around $90, the state is still setting sales records. In December 2021, on the other hand, an ounce of gold cost about $180.
Even though the state’s cannabis market has continued to grow, businesses still face problems because of federal prohibition. For example, they can’t use traditional financial services, which has made the industry reliant on cash and a prime target for crime.
The attorney general of Michigan said that a string of break-ins at marijuana shops in the state show how important it is for Congress to change the way marijuana is banked.