The state has generated $2,938,192 in tax revenue from those sales
Michigan recreational marijuana sales are nearing $18 million two months after the new industry’s Dec. 1 launch.
With $17,699,952 in sales between Dec. 1 and Feb. 2, the state has generated $2,938,192 in tax revenue, including $1,769,995 in excise taxes and $1,168,197 in sales taxes.
The excise tax on recreational marijuana is 10%. The sales tax is 6%.
For comparison, Illinois, a state that began selling recreational marijuana Jan. 1, generated nearly $40 million in sales during the first month, the Chicago Tribune reports.
A major difference in Illinois was that all of its 41 licensed medical marijuana shops were able to begin selling recreational marijuana immediately on Jan. 1.
In Michigan, the buildup has been gradual. While the total number of licensed retail marijuana stores reached 43 as of Tuesday, Feb. 4, over the first few weeks, only a handful of shops were able to open, including three on Dec. 1.
According to the Marijuana Regulatory Agency, it’s issued the following recreational licenses:
- 43 marijuana retailers
- 1 class B marijuana grower (1,00 plants) license
- 17 class C marijuana grower (1,500 plants) licenses to 9 different companies
- 7 processors
- 4 secure transporters
- 3 marijuana event organizers
- 1 marijuana safety compliance facility
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