Michigan cannabis sales for August rose sequentially 2.7% from July. At $295.4 million, sales were up 6.9% from a year earlier to a new record level:
The Michigan Cannabis Regulatory Agency breaks out sales by medical and adult-use, with medical sales falling 77.6% from a year ago to $1.3 million, down 6.9% sequentially, and adult-use sales expanding 8.7% year-over-year to $286.4 million, up 2.7% sequentially to a new record level:
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 August, the average price of $1282 per pound rose sequentially, gaining 0.6% and declining 14.9% 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 11.4%. The program should continue to expand ahead as supply becomes more available and as distribution expands.
