Michigan marijuana retailers eclipse $276 million in record July sales

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Michigan adult-use and medical marijuana retailers generated more than $276 million in sales in July, a monthly record, according to the latest statistics from the Cannabis Regulatory Agency.

The July sales total of $276,746,264 was nearly a 32% increase from a year ago and a 6.1% jump from June, MITechNews.com reported.

Medical marijuana sales accounted for $6.1 million, or roughly 2.2% of total sales, in July.

In the adult-use market, flower accounted for $126,067,097 in sales, or about 46.5%.

At this rate, Michigan is once again on pace to crack the $3 billion milestone in annual sales.

The state is projected to rank second only to California this year in terms of total recreational and medical cannabis sales.

The lack of a statewide cap on the number of cannabis business licenses has played a critical role in Michigan expanding its licensed marijuana market.

At the end of July, the state had 704 active retail licenses, up from 541 during the same period a year ago.

Meanwhile, wholesale marijuana flower prices have leveled off and ticked upward in recent months in Michigan, offering cause for cautious optimism among producers who suffered as prices plummeted during the past few years.