Michigan Cannabis Sales Soften in October
- Cannabis sales in Michigan for October decreased for the third consecutive month, reaching $262.9 million.
- Medical cannabis sales were down 70.7% from a year ago, while adult-use sales increased by 33.0%.
- The average price of flower for adult-use declined by 2.5% sequentially and 4.9% from a year ago.
- Overall cannabis sales in Michigan have grown by 34.7% in the first ten months of 2023 compared to the same period in 2022, indicating continued expansion of the market.
Michigan cannabis sales for October were down for the third consecutive month. At $262.9 million, sales fell 4.3% sequentially despite the longer month. They were up 25.5% from a year earlier, the lowest since August 2022:
The Michigan Cannabis Regulatory Agency breaks out sales by medical and adult-use, with medical sales falling 70.7% from a year ago to $4.9 million, down 10.2% sequentially, and adult-use sales expanding 33.0% year-over-year to $258.5 million, down 4.2% sequentially:
The state breaks out sales by category and provides pricing detail by category, for both medical and adult-use:
As supply continues to expand, flower pricing for adult-use has seen a dramatic decline. In October, the average price of $1562 per pound fell sequentially, losing 2.5% but falling 4.9% from a year ago:
Michigan cannabis sales expanded 82.1% in 2021 to $1.79 billion and were up 27.9% in 2022 at $2.29 billion. So far in 2023, sales have grown 34.7% compared to the first ten months of 2022. The program should continue to expand ahead as supply becomes more available and as distribution expands.