Michigan Cannabis Sales Lift Modestly in July
Michigan Cannabis Sales Growth Slows in July Amid Declining Prices and Evolving Market Trends.
Michigan cannabis sales for July rose sequentially 3.2% from June with the increase in days. At $287.7 million, sales were up 4.0% 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 77.9% from a year ago to $1.4 million, down 5.7% sequentially, and adult-use sales expanding 5.8% year-over-year to $286.4 million, up 3.2% 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 July, the average price of $1275 per pound plunged sequentially, falling 7.9% and declining 19.2% 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 12.6%. The program should continue to expand ahead as supply becomes more available and as distribution expands.
