Keeping pace with the ever changing state and federal regulations of being a cannabis employer is complicated. A misstep can be financially devastating.
As the number of states legalizing recreational marijuana increases, so does consumer demand. We can help minimize the stress of running your cannabis business.
At least three states where recreational marijuana is legal and regulated reported record-breaking sales this past July:
Below is a brief breakdown of each state’s sales:
Illinois saw nearly $128 million in recreational cannabis sales in July 2021. That’s more than double what the state saw in total monthly sales last year. In-state residents bought roughly $85 million worth of cannabis products, whereas out-of-state visitors accounted for approximately $42 million, according to the Illinois Department of Financial and Professional Regulation.
Illinois has seen more than $100 million every month for five consecutive months now. If the trend continues, the state should report more than $1 billion in recreational marijuana sales in 2021.
In 2020, even amid the Covid-19 pandemic, Illinois sold about $670 million in cannabis sales. The state took in about 30% of those sales in tax revenue, which means, as sales increase, so does tax revenue.
Maine saw over $9 million in adult-use marijuana sales last month, an almost 50% increase from June 2021. Seeing as how the state’s recreational cannabis retail market launched not even a full year ago (October 2020), those sales are quite impressive.
The state took in almost $1 million in recreational cannabis tax revenue for July 2021, according to the Maine Office of Marijuana Policy.
Michigan saw approximately $128 million in recreational marijuana sales in July 2021, $21 million more than what the state saw in June 2021.
Most of the recreational sales this past month went to flower cannabis products ($63.5 million), followed by vape cartridges ($26.3 million) and edibles ($18.5 million).
The state took in about $23 million in tax revenue from both recreational and medical marijuana. Some of that tax revenue will go to infrastructure projects, public education, and individual jurisdictions.
How consistently increasing sales may affect the way you manage your cannabis business
As a business owner, keeping your business up and running by prioritizing your ROI is the goal, right? Sometimes, the more money a business makes, the more stressful managing that business becomes. Demand increases, staffing needs increase, employee retention can become more difficult, and overseeing human resources-related tasks may become more stressful.
We are here to help. We support entrepreneurs and executives from all types of cannabis organizations, from cultivation, to manufacturing, to dispensaries, etc., and we help take on many of the administrative tasks associated with running your business.
Contact us below or give us a call at 833.462.3278 you are interested in learning more about our services. Our HR Professionals are ready for you!