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On today’s Business Beat, Jeff shares the numbers on the booming marijuana business in Michigan, which regardless of whether you participate in the industry benefits all Michiganders.
Turn in to the Business Beat, below, to learn more about the rosy forecast from the Michigan Marijuana Regulatory Agency:
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Good morning, Paul! This morning we’re focused on a hot industry sector setting new sales records in the state of Michigan. Cannabis sales in Michigan set a new record in 2021 at $1.8 billion in total sales, according to the Marijuana Regulatory Agency. December 2021 also set a monthly record in sales with $135 million coming in for recreational cannabis sales and $33 million more in medical marijuana sales.
Marijuana Regulatory Agency Executive Director Andrew Brisbo says the numbers marked another high for the adult use industry. Now he did indeed say that no pun intended, I’m sure. The next closest single month of sales prior to the December sales record was set in October with about $128 million in sales.
And as exciting as the 2021 record sales numbers were, Brisbo estimates that sales in 2022 could top another billion in total at $2.8 billion up from the record sales figure set in 2021 for annual sales of $1.8 billion.
Now look, this is positive news, even if you’re not a seller or a buyer in this field, as taxes flowing into the state of Michigan through legalized marijuana in ‘21 from sales were at a very meaningful level, totaling $250 million in new tax receipts for the state: $131 million goes to the marijuana excise fund that gets divvied up amongst the local governments, roads and schools, and $115 million to the state sales tax budget and that goes to the general fund.
The power of a fast-growing new industry sector, Paul, both for those selling and buying and for the state’s Treasury as well, which in turn benefits all of us living and working in the great state of Michigan.
I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.