Michigan Cannabis Sales Slow
Michigan Cannabis Sales Reach $278.8 Million in June 2024, Showing Slowest Annual Growth in Over Two Years.
Michigan cannabis sales for June fell sequentially decreased 0.3% from April. At $278.8 million, sales, which were up from May on a per-day basis, were up 6.9% from a year earlier, the slowest annual growth in over two years:
The Michigan Cannabis Regulatory Agency breaks out sales by medical and adult-use, with medical sales falling 78.4% from a year ago to $1.4 million, down 10.7% sequentially, and adult-use sales expanding 9.1% year-over-year to $277.4 million, down 0.2% sequentially:
The state breaks out sales by category and provides pricing detail by category, for both medical and adult-use:
Adult-Use Cannabis Sales
Medical Cannabis Sales
As supply continues to expand, flower pricing for adult-use has seen a dramatic decline. In June, the average price of $1384 per pound slipped sequentially, falling 1.9% and declining 3.1% 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 14.3%. The program should continue to expand ahead as supply becomes more available and as distribution expands.
