Michigan cannabis sales for February were up sequentially after falling sharply in January. At $261.0 million, sales rose 7.5% sequentially but were still below the record set in December. They were up 20.6% from a year earlier:
The Michigan Cannabis Regulatory Agency breaks out sales by medical and adult-use, with medical sales falling 78.2% from a year ago to $2.2 million, down 21.9% sequentially, and adult-use sales expanding 25.4% year-over-year to $258.9 million, up 7.7% 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 February, the average price of $1471 per pound fell sequentially, losing 1.4% but rising 6.9% 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 18.9%. The program should continue to expand ahead as supply becomes more available and as distribution expands.
