Michigan cannabis sales for October fell from a year ago in September and they rose sequentially 0.6% in October. At $268.6 million, sales were up 2.2% from a year earlier:
The Michigan Cannabis Regulatory Agency breaks out sales by medical and adult-use, with medical sales falling 78.3% from a year ago to $1.0 million, down 5.9% sequentially, and adult-use sales rising 3.5% year-over-year to $267.6 million, up 0.7% 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 October, the average price of $1184 per pound fell sequentially, dropping 6.0% and declining 24.2% from a year ago to a new low:
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 9.2%. The program should continue to expand ahead as supply becomes more available and as distribution expands.
