MI cannabis sales for September were down for the second consecutive month, stalling near their all-time high set in July at $276.7 million. At $274.7 million, sales fell 0.6% sequentially but were up 29.6% from a year earlier:
The Michigan Cannabis Regulatory Agency breaks out sales by medical and adult-use, with medical sales falling 70.4% from a year ago to $4.9 million, down 12.6% sequentially, and adult-use sales expanding 38.1% year-over-year to $269.8 million, down 0.3% 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 September, the average price of $1602 per pound rose sequentially, gaining 6.4% but falling 8.9% 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 35.8% compared to the first nine months of 2022. The program should continue to expand ahead as supply becomes more available and as distribution expands.
