Should I Get My Medical Marijuana Card in Michigan?
Since recreational marijuana for citizens over the age of 21 passed, a lot of people are wondering, should I get my medical marijuana card in Michigan? Here we try to give a simple breakdown of the financial benefits of getting your medical marijuana card.
Get Your Medical Marijuana Card in Michigan: Financial Benefits
If you are a cannabis consumer, then you likely know that high-quality cannabis isn’t cheap. This is especially true for recreational cannabis users in Michigan. In 2018, Michigan voters passed the Michigan Regulation and Taxation of Marihuana Act, which allows for recreational possession and use of cannabis. To the dismay of recreational users, the MRTMA imposes a 10% Excise Tax on recreational marijuana sales. This is on top of the 6% State Sales Tax. The MRTMA also eliminated the 3% Excise Tax on medical marijuana sales. Although excise taxes are the responsibility of the retailer/dispensary, the cost is typically baked in to retail price. So, medical card holders tend to pay at least 10% less than recreational consumers. We say “at least 10% less” because the smart medical marijuana dispensaries provide additional discounts to medical customers as they tend to purchase in larger amounts and more frequently.
Let’s Do the (Simple) Math
According to “PriceOfWeed.com” the average cost of “High Quality” cannabis in Michigan is $290/oz. For simple math, we’ll cut this price to $200 per ounce. Under the MRTMA, holders of a medical marijuana card in Michigan typically spends at least 10% less at a dispensary than their recreational friends. A Michigan medical marijuana card holder’s annual savings obviously depends on the amount of cannabis purchased. However, we have created a handy chart below that shows the potential annual savings for medical vs recreational just in taxes alone. If you are not a huge fan of giving Uncle Sam all of your hard-earned money, and you have a qualifying condition then you should get your medical marijuana card in Michigan.
Cannabis Purchased Per Month (Oz)
Medical Cost with Sales Tax (6%)
Recreational Cost with Sales & Excise Tax (16%)
Annual Savings for Medical Purchases
Ready to start saving?
If you are ready to get your medical marijuana card in Michigan to start saving serious money on your cannabis, schedule your appointment with Healthy Partners today!