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:
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.
