States across the country are reporting increases in marijuana sales, breaking records they previously established in years prior. The amount of people who are purchasing marijuana legally goes up with each passing day. More states are legalizing weed, which will add more to the amount of money that’s brought in. Tax rates continue to climb as well, adding to the revenue being earned even more.
Here in Michigan
Michigan Radio reports that sales of recreational marijuana have cracked the $200 million mark in July 2020 since becoming legal for sale in late 2019. “The Marijuana Regulatory Agency says for the past two months cannabis businesses have been reporting between $10 million to $14 million in weekly sales.” Since last December, that has added up to around $35 million in tax revenues for the state.
Since the first dispensary opened in New Mexico in May 2019, patients have purchased 30,648 pounds of medical marijuana, exceeding over $200 million of revenue in the process. Breaking these sales down accounts for roughly $600,000 per day and this figure is set to go up. More patients are added to the rolls all the time.
Between January and September in 2020, marijuana dispensaries in Nevada have made more than $588 million in sales. This marks a 14% increase in sales over last year with a 43% increase for the month of September alone with $82.6 million in marijuana sold. The Nevada marijuana industry has grown exponentially year over year since it was ushered into existence in 2016. To benefit from these sales even further, the state attached a 15% excise tax on wholesale sales and 10% on recreational sales to consumers. During the months from July through September, this brought the state $37 million in tax revenue.
To combat the explosion of the marijuana industry, New Mexico attempted to input strict plant count limits. The end result was a doubling in sales over the past two years. This trend seems like it’s going to continue with Marijuana Business Daily projecting that the adult-use cannabis market could generate $350 million by its fourth year of operation. In this year alone, sales are expected to exceed $200 million due to an increase in the amount of patients and the coronavirus pandemic. This is a contrast compared to the $130 million sales figure from 2019.
During the months between January and October of this year, Maine’s medical marijuana sales reached $221.8 million. This new figure has made it the highest grossing crop in the entire state, outpacing blueberry, milk, and potato sales. Since 2019, the market in the state has doubled, which was unforeseen and exceeded many experts’ expectations. The crazy part about all of this is that these figures don’t even account for the state’s recreational marijuana market. Taking every part of the industry into consideration, Maine is on track to becoming one of the biggest marijuana selling states in the country.
Medical marijuana was first legalized in 2000 in Colorado and recreational legalization followed in 2012. As one of the first states that allowed for recreational weed, the money that has poured in is astronomical. The $200 million in marijuana sales in October is higher than the combined sales in many other states. Accounting for the rest of the year, Colorado has sold $1.8 billion worth of marijuana. The tax rate went from 3.5% to 6%, bringing tens of millions of dollars to the state in the process.