Update On Michigan Cannabis Sales - QwikLeaf: Cannabis Investing Online

Update On Michigan Cannabis Sales

  • 2 months ago

Following a January plunge in adult-use sales, Michigan cannabis sales in total gained 1.59% to $154.8 million in February, up 47% from a year ago:

The Michigan Marijuana Regulatory Agency breaks out sales by medical and adult-use, with medical sales falling 32% from a year ago to $26.0 million, down 7% sequentially, and adult-use sales increasing 92% to $128.9 million, up 3.5% sequentially despite three fewer days in the month:

The state breaks out sales by category and provides pricing detail by category, for both medical and adult-use:

Medical
Adult-Use

In the larger and more rapidly growing adult-use market, flower and trim sales represented 57% of the overall market, the same as in January, slightly higher than the 56% in Q4 and similar to the  57% in Q3.

As supply continues to expand, flower pricing for adult-use has seen a dramatic decline. In January, the average price of $2562 per pound bounced back by 5% compared to January and fell 40% from a year ago:

Michigan cannabis sales expanded 82% in 2021 to $1.79 billion and are up 44% thus far in 2022. The program should continue to expand ahead as supply becomes more available and as distribution expands.

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