Michigan marijuana sales reached a record high in March, with nearly $250 million in combined recreational and medical cannabis purchases, according to state regulators.
The lion’s share of those sales came from the adult-use market, which saw $239.8 million worth of marijuana products sold last month. Medical marijuana purchases reached $9.8 million during the same timespan, as New Cannabis Ventures first reported.
Most of the cannabis purchases came from flower, followed by vape cartridges and infused edibles, the Michigan Cannabis Regulatory Agency (CRA) data shows.
The state is seeing these record-setting sales even as the average cost of marijuana has remained at record lows, with the price of an ounce now hovering around $90. In December 2021, by contrast, the cost of an ounce was about $180.
While the state’s cannabis market has continued to mature, businesses still face challenges under federal prohibition, including a lack of access to traditional financial services that has created a cash-intensive industry that is uniquely targeted by crime.
The attorney general of Michigan said last month that a string of break-ins at marijuana dispensaries in the state underscore the need for Congress to pass cannabis banking reform.
Meanwhile, former Michigan House Speaker Rick Johnson
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