Michigan Cannabis Sales Sink
- Cannabis sales in Michigan for January decreased by 13.5% compared to December, reaching $242.8 million.
- Medical cannabis sales dropped 77.9% year-over-year to $2.5 million, while adult-use sales increased by 22.6% to $240.3 million.
- The average price of adult-use flower declined by 2.0% in January to $1491 per pound.
- Michigan cannabis sales increased by 33.3% in 2023 to reach $3.06 billion, driven by increased supply and distribution.
Michigan cannabis sales for January were were down sequentially after a lift in December. At $242.8 million, sales plunged 13.5% sequentially after setting a record in December. They were up 17.1% from a year earlier, the lowest growth since March 2022:
The Michigan Cannabis Regulatory Agency breaks out sales by medical and adult-use, with medical sales falling 77.9% from a year ago to $2.5 million, down 21.9% sequentially, and adult-use sales expanding 22.6% year-over-year to $240.3 million, down 13.2% 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 January, the average price of $1491 per pound fell sequentially, losing 2.0% but rising 16.3% 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. In 2023, sales grew 33.3% to $3.06 billion. The program should continue to expand ahead as supply becomes more available and as distribution expands.