Cannabis sales in Michigan spiked during December, bringing the total to $984.6 million for 2020.
Medical cannabis sales accounted for $474 million for the year, while adult-use sales reached $510.7 million, according to New Cannabis Ventures citing data from the Michigan Marijuana Regulatory Agency.
Combined cannabis sales, including medical and adult-use, for December amounted to $101 million.
Over the month, adult-use sales rose by 12.7%, reaching a record of $61.6 million. Medical cannabis sales increased by 6.2% over November and 59% year-over-year to $39.6 million.
The state reported that flower and trim sales accounted for 55% of the adult-use market, concentrates and vape for 25%, while edibles were 19% of the market.
Michigan's regulated program launched in late 2019.
On its first day of legal adult-use transactions in December 2019, the state generated $221,000 in post-tax sales.
In March, the Michigan Department of Licensing and Regulatory Affairs reported that recreational cannabis sales in the Wolverine State generated $31 million for the first three months.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Meet the biggest cannabis industry players and make deals that will push the industry forward.
Featuring live company presentations, insider panels, and unmatched access to networking, the Benzinga Cannabis Capital Conference is where cannabis executives and entrepreneurs meet.
Join us April 11-12, 2023 at Fontainebleau Miami Beach in sunny Florida.