Lume Cannabis Reports $190 Million Revenue and $10 Million Tax Bill in 2025

Lume Cannabis generated $190 million in revenue in 2025 with a 42 percent margin, Forbes reported. The company operates a 225,000-square-foot facility in Evart, Michigan, that contains 20 grow rooms and holds 26,000 plants at any time. It produces about 500 pounds of cannabis per week across 114 harvests, for roughly 30 tons annually.

Lume sells its output through 40 dispensaries across the state. Production costs average $6 per unit against an $11 average selling price. Michigan imposed a 24 percent wholesale cannabis tax in 2025 that cost the company $10 million, according to president Doug Hellyar.

David Morrow cofounded Lume in 2019 with Robert Barnes and Donald Barnes, owners of Belle Tire. The Evart facility was built for $45 million by Gallagher-Kaiser Corporation. Morrow raised $250 million to fund the company.

Lume opened its first store in Kalamazoo in fall 2019 and now employs 1,400 people. Morrow, 55, previously founded Warrior Sports in 1992 while at Princeton University. The company reached $20 million in annual sales before its sale to New Balance in 2004 for an estimated $50 million.

Adult-use cannabis was legalized in Michigan in 2018. Morrow was a three-time All-American lacrosse player at Princeton and helped the team win the 1992 NCAA championship.