Michigan cannabis sales for May fell sequentially on a per-day basis as they increased just 0.4% from April. At $279.6 million, sales were up 13.7% from a year earlier:
The Michigan Cannabis Regulatory Agency breaks out sales by medical and adult-use, with medical sales falling 77.2% from a year ago to $1.6 million, down 13.5% sequentially, and adult-use sales expanding 16.4% year-over-year to $278.0 million, up 0.5% 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 April, the average price of $1410 per pound rose sequentially, growing 1.8% but declining 2.7% 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 15.9%. The program should continue to expand ahead as supply becomes more available and as distribution expands.
