Cannabis Cash Flow: CT, MI, MO & CO Top $15B In Legal Weed Sales

In September 2023, cannabis sales figures from various U.S. states offered a compelling snapshot of the evolving landscape of legal cannabis markets.

See Also: Cannabis Sales Trends: August 2023 Updates From New Mexico To Colorado

Connecticut

Connecticut's cannabis market has reported significant sales figures for September 2023. According to the state Department of Consumer Protection, combined sales of adult-use cannabis and medical marijuana exceeded $25 million during that period.

• Adult-use sales in CT, which commenced on January 10, 2023, accounted for over $14.3 million in September, signifying the growing popularity and demand for cannabis products in the state, reported Marijuana Moment.
• Medical marijuana sales reached nearly $11 million during the same period.

Michigan

Michigan's cannabis market experienced a slight dip, with sales amounting to $274.7 million in September, a 0.6% decrease from the previous month. Nevertheless, compared to the same period last year, sales were up by 29.6%.

According to New Cannabis Ventures, the state's medical marijuana sales saw a significant drop of 70.4% year-over-year, while adult-use sales surged by 38.1%.

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Missouri

Missouri, where adult-use cannabis sales began in February, is facing legal challenges related to local taxes, reported MJBizDaily. Two marijuana companies, Vertical Enterprise and Robust Dispensary filed lawsuits, arguing that the 3% county tax imposed in some areas is unconstitutional. They claim that the tax can only be applied in unincorporated regions where a 3% municipal tax does not apply.

Colorado

Colorado, a pioneer in legalized recreational marijuana, generated over $15 billion in total cannabis sales since 2014, with marijuana tax revenue totaling $2.5 billion, according to the Colorado Department of Revenue (CDOR). This revenue is sourced from various taxes and fees, including the state's 2.9% sales tax on cannabis and a 15% retail excise tax on wholesale sales.

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