Michigan Cannabis Sales Slow

Michigan cannabis sales for June fell sequentially decreased 0.3% from April. At $278.8 million, sales, which were up from May on a per-day basis, were up 6.9% from a year earlier, the slowest annual growth in over two years:

The Michigan Cannabis Regulatory Agency breaks out sales by medical and adult-use, with medical sales falling 78.4% from a year ago to $1.4 million, down 10.7% sequentially, and adult-use sales expanding 9.1% year-over-year to $277.4 million, down 0.2% 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 June, the average price of $1384 per pound slipped sequentially, falling 1.9% and declining 3.1% 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 14.3%. The program should continue to expand ahead as supply becomes more available and as distribution expands.

Based in Houston, Alan leverages his experience as founder of online community 420 Investor, the first and still largest due diligence platform focused on the publicly-traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. At New Cannabis Ventures, he is responsible for content development and strategic alliances. Before shifting his focus to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst following over two decades in research and portfolio management. A prolific writer, with over 650 articles published since 2007 at Seeking Alpha, where he has 70,000 followers, Alan is a frequent speaker at industry conferences and a frequent source to the media, including the NY Times, the Wall Street Journal, Fox Business, and Bloomberg TV. Contact Alan: Twitter | Facebook | LinkedIn | Email