Michigan cannabis sales rose 6.1% in July from the shorter June to a record $276.7 million. On a per-day basis, sales grew 2.7%. The growth of 31.8% from a year ago was down from the 39.2% level last month:
The Michigan Cannabis Regulatory Agency breaks out sales by medical and adult-use, with medical sales falling 70.9% from a year ago to $6.1 million, down 7.5% sequentially, and adult-use sales expanding 43.3% year-over-year to $270.6 million, up 6.5% 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 July, the average price of $1578 per pound rose sequentially, gaining 10.5% and falling 18.9% from a year ago:
Michigan cannabis sales expanded 82.1% in 2021 to $1.79 billion and were up 27.9% in 2022 at $2.29 billion. So far in 2023, sales have grown 37.4% compared to the first seven months of 2022. The program should continue to expand ahead as supply becomes more available and as distribution expands.
