July proved to be a huge month for cannabis revenue in the United States. At least four states have reported record-breaking cannabis sales within the past month. Illinois, Maine, and Michigan join each other in having their highest cannabis sales figures ever in July. Furthermore, Missouri’s medical cannabis market has also reached a record breaking number of sales this month.
As many states develop their legal cannabis markets, dispensaries and online marijuana markets continue to develop. In addition, the constant innovation of marijuana products drives sales as well. This will lead to a generally positive trend for states with working cannabis markets. According to the numbers, this general trend could lead to incredible revenue for these pro-cannabis states.
Cannabis Sales Explode in States Around the Country
According to marijuanamoment.net, Illinois reported $128 million in recreational cannabis revenue last month. This figure is more than double the state’s total monthly sales from last year. Additionally, Illinois collected more tax dollars from cannabis sales than alcohol for the first time last quarter.
Our most northeastern state, Maine, is also reporting incredible sales numbers. Last month, Maine sold $9.4 million worth of cannabis products. This beats their previous monthly sales record by about 45 percent. After launching their recreational cannabis market last October, the state is expecting to continue breaking their sales record.
Michigan reported more than $171 million in cannabis sales this past month. With this sales total, it is reported that Michigan collected $23 million in tax revenue in July alone. The state was also awarded $20 million in tax revenue to fund cannabis research. Specifically, this research is focused on cannabis’ therapeutic properties in regard to treating veterans who suffer from PTSD.
After passing a law to allow the sale of medical cannabis in 2018, Missouri has also announced record breaking sales numbers. This year Missouri has seen an overwhelming number of new medical dispensaries, and the sales numbers can back this up. In July, the state reported $21 million in medical cannabis sales. This adds to Missouri’s yearly sales total, which is currently at around $91 million. With the success of Missouri’s medical cannabis legalization, speculation is surrounding the inevitable legalization of recreational cannabis. This will be a huge topic in Missouri’s 2022 legislative period.
Photo by Richard T on Unsplash
Will This Positive Sales Trend Continue?
As sales numbers are reported every month, it is apparent that cannabis is becoming a huge source of revenue for many states. Whether it is recreational or medical, the U.S. is seeing more cannabis-related cash flow than ever. It is an exciting trend, and one that will surely catch the attention of those that haven’t legalized yet. After all, tax revenue is critical for any state. With more people embracing legalized cannabis, this industry will continue to exponentially grow before our eyes.
