In 2022, the first full year of adult-use sales in Montana, state-licensed cannabis dispensaries sold nearly $203 million worth of recreational cannabis products, plus an additional $93 million in medical cannabis for total revenues of more than $303 million, according to a report from the state.
According to the Montana Cannabis Control Division, total sales averaged around $25 million each month, however, the percentage of product bought at recreational stores versus medical dispensaries surged though the year. In January, for example, residents bought about $10 million in medical cannabis — the high-water mark for the year — compared to about $14 million of recreational cannabis. By December, medical sales fell to less than $6 million while recreational revenue topped $19.6 million.
Overall, August was the best sales month with a combined total of $26.8 million, with $7 million coming from medical and about $19.81 million from recreational. However, the recreational market experienced its best single month in September, generating about $19.83 million in receipts.
According to the report, the sales generated more than $45.7 million in tax revenue, with nearly $42 million coming from the adult-use side. Recreational cannabis is taxed at 20%, while medical cannabis has a tax rate of 4%, with additional county taxes up to 3% on both markets in most counties.
Montana has issued 355 licensed adult-use retail and 68 medical-only dispensary licenses.
— Brian Beckley