Arizona continues to smash cannabis sales records, with yet another milestone of over $1.23 billion of marijuana products sold during the first 11 months of 2021, Arizona Mirror writes.
After soaring to record highs in October to nearly $58 million, adult-use recreational cannabis sales hit a new peak in November by surpassing $60 million for the first time.
On the medical side, after reaching $73 million in March and April, sales fluctuated throughout the year.
In October, estimated cannabis sales for both programs were within $7 million of each other, representing the first time recreational sales came so close to medical sales.
With the state collecting a 16% excise tax on recreational sales in addition to the standard sales tax, cannabis sales provided a solid tax contribution in the previous year.
In November, taxes for recreational marijuana sales totaled around $5.05 million, slightly above medical cannabis tax, which amounted to $5.03 million.
Arizona voters approved the use of recreational cannabis in November 2020. According to the New York Times and The Associated Press, 59.9% of voters in the Grand Canyon State voted "yes" for Proposition 207, dubbed Smart & Safe.
Michigan Cannabis Sales Still Booming
In the meantime, Benzinga's home state of Michigan ended 2021 with a strong December in terms of cannabis sales, which increased by 66% year-over-year to $168 million.
Medical cannabis sales fell 17% from a year ago, to $32.9 million, according to Michigan Marijuana Regulatory Agency's data. Adult-use sales, meanwhile, increased by 119% over the same period to a record $135 million, representing a sequential improvement of 12%.
Flower and trim sales represented 56% of the overall market, consistent with the prior two months but lower than the 57% in the third quarter and 58% in the second quarter.
In addition, flower pricing for adult-use cannabis saw a dramatic decline of 47% year-over-year and 3% from November to $2,958 per pound.
In 2021, year-to-date combined sales were up 82%, reaching $1.79 billion.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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