Michigan Cannabis Sales Rise to a Record $295 Million
- Michigan cannabis sales for August increased by 2.7% from July, reaching a new record level of $295.4 million, representing a 6.9% year-over-year growth.
- Medical sales decreased by 77.6% from a year ago to $1.3 million, while adult-use sales grew by 8.7% year-over-year to $286.4 million, also reaching a new record level.
- Average flower pricing for adult-use in August was $1282 per pound, showing a 0.6% sequential increase and a significant 14.9% decline from a year ago.
- Overall, Michigan cannabis sales have been steadily increasing, with a growth of 82.1% in 2021, 27.9% in 2022, and 33.3% in 2023, and a 11.4% growth so far in 2024. This growth trend is expected to continue as the supply expands and distribution improves.
Michigan cannabis sales for August rose sequentially 2.7% from July. At $295.4 million, sales were up 6.9% from a year earlier to a new record level:
The Michigan Cannabis Regulatory Agency breaks out sales by medical and adult-use, with medical sales falling 77.6% from a year ago to $1.3 million, down 6.9% sequentially, and adult-use sales expanding 8.7% year-over-year to $286.4 million, up 2.7% sequentially to a new record level:
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 August, the average price of $1282 per pound rose sequentially, gaining 0.6% and declining 14.9% from a year ago:
Michigan cannabis sales expanded 82.1% in 2021 to $1.79 billion, 27.9% in 2022 to $2.29 billion and 33.3% to $3.06 billion in 2023. So far in 2024, they have grown by 11.4%. The program should continue to expand ahead as supply becomes more available and as distribution expands.