detroit michigan

Michigan’s Legal Cannabis Market Topped $274 Million In May 2024

In March 2024, Michigan’s legal cannabis industry sold more cannabis products than California’s legal cannabis industry. It was the first time in recorded history that Michigan’s legal cannabis market surpassed California to claim the top spot in the U.S. for total product sales.

According to cannabis data company Headset, legal cannabis industry sales in Michigan reached $274 million in May 2024. May’s sales totals are slightly down compared to March 2024 when the state’s legal cannabis industry sold $288 million worth of cannabis products.

“The month-over-month growth for Michigan shows a slight decline of 1.6% in total sales, but a positive 3.4% growth in total units sold. This indicates that while the revenue per unit might be decreasing, the volume of sales is compensating for this, reflecting a healthy demand in the market.” Headset stated about Michigan’s cannabis industry.

According to a recent report by cannabis jobs platform Vangst and Whitney Economics, as of March 2024 Michigan’s legal cannabis industry supported 46,746 full-time equivalent positions. However, it is worth noting that the Michigan Cannabis Regulatory Agency reported that as of March 2024, the state’s cannabis industry directly employed 35,688. Detroit is estimated to support 11,341 jobs alone.

Michigan is home to an estimated (roughly) 800 cannabis dispensaries. The average reported price for an ounce of cannabis flower in Michigan is currently $90.

The United States adult-use cannabis industry has generated over $20 billion in total tax revenue since the first legal recreational cannabis purchase was made in Colorado on January 1st, 2014 according to a report by the Marijuana Policy Project.

“Through the first quarter of 2024, states have reported a combined total of more than $20 billion in tax revenue from legal, adult-use cannabis sales. In 2023 alone, legalization states generated more than $4 billion in cannabis tax revenue from adult-use sales, which is the most revenue generated by cannabis sales in a single year.” the Marijuana Policy Project stated in a press release.

79% of people living in the United States lived in a county with at least one regulated cannabis dispensary according to an analysis by the Pew Research Center. The Pew Research Center also found the following:

  • 74% of people in the U.S. live in a state where recreational or medical cannabis is legal
  • There are nearly 15,000 cannabis dispensaries in the U.S.
  • California has the most overall dispensaries (3,659)
  • Oklahoma has the most dispensaries per capita (36 dispensaries for every 100,000 residents)

Total legal cannabis sales in the United States are expected to reach $31.4 billion in 2024 according to a recent analysis by Whitney Economics. Additionally, leading cannabis jobs platform Vangst, in conjunction with Whitney Economics, estimates that the legal cannabis industry now supports 440,445 full time-equivalent cannabis jobs in the United States.

Whitney Economics also projects the following legal cannabis sales figures in the United States for the coming years:

  • 2024: $31.4 billion (9.1% growth from 2023)
  • 2025: $35.2 billion (12.1% growth from 2024)
  • 2030: $67.2 billion
  • 2035: $87.0 billion

The emerging legal cannabis industry in the United States is projected to add roughly $112 billion to the nation’s economy in 2024 according to an analysis by MJBiz Daily. The projection is part of the company’s 2024 MJBiz Factbook.

“The total U.S. economic impact generated by regulated marijuana sales could top $112.4 billion in 2024, about 12% more than last year,” MJBiz stated in its initial reporting.