EXCLUSIVE: Decoding Michigan’s Cannabis Boom – Record Sales Of $3B And $457M In Taxes In 2023
In an unprecedented surge, Michigan’s cannabis industry hit a new milestone in 2023, with licensed dispensaries recording a staggering $3.06 billion in sales.
This 25% increase from the previous year has not only boosted the local economy but also created substantial tax revenue for state and local governments. Cannabis sales in Michigan in 2023, averaged $385 per adult, concluding with December witnessing the highest monthly sales ever at $279.9 million.
Most of these sales were from recreational cannabis, totaling $2.74 billion. The resulting tax windfall is significant, especially for cash-strapped local governments.
A Metro Times analysis reveals that more than $274 million in taxes from recreational cannabis sales will benefit local governments, schools and roads.
Additionally, a 6% sales tax on all recreational and medical sales brought in another $183.6 million, cumulatively generating $457.6 million in new taxes.
Expansion Of Dispensaries And Licenses
The industry’s growth is further evidenced by the opening of 120 new dispensaries in 2023, bringing the total statewide to approximately 750.
Detroit’s recent entry into the recreational cannabis sector has notably contributed to this expansion, with 70 recreational cannabis …