Michigan cannabis sales for December were were up sequentially for the first time since July. At $279.9 million, sales rose 7.5% sequentially with the longer month perhaps helping explain part of the gain. They were up 26.2% from a year earlier:
The Michigan Cannabis Regulatory Agency breaks out sales by medical and adult-use, with medical sales falling 76.2% from a year ago to $3.2 million, down 15.8% sequentially, and adult-use sales expanding 32.8% year-over-year to a record $276.7 million, up 7.8% 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 December, the average price of $1521 per pound fell sequentially, losing 2.5% but rising 4.9% 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. In 2023, sales grew 33.3% to $3.06 billion. The program should continue to expand ahead as supply becomes more available and as distribution expands.
