Michigan Cannabis Market in November: Steady Growth Amidst Slight Declines

December 14th, 2023 Business & Industry
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In November, Michigan's cannabis market saw a marginal decline in sales, totaling $260.5 million, a slight decrease of less than 1 percent from October. Despite this dip, November marked a significant 28 percent increase in sales compared to the same month in 2022, signaling robust growth year-over-year.

Adult-use cannabis sales demonstrated a notable increase, rising 35.2 percent compared to November of the previous year, reaching $256.7 million. This figure, however, reflects a marginal 0.7 percent decrease from October 2023. In stark contrast, medical cannabis sales experienced a dramatic downturn, totaling just $3.8 million. This represents a substantial 72 percent decrease from November 2022 and a 14 percent decline from October 2023, indicating a continued decline in the medical sector.

The pricing for adult-use cannabis flower averaged at $1,560 per pound, marking a 2.5 percent increase from the previous year. In terms of product categories, combined sales of medical and adult-use flower led the market with $117.5 million. Vape cartridges, encompassing both medical and adult-use products, followed with sales of $50.3 million. Concentrates also performed well, with sales reaching $28.5 million.

Looking at the broader picture of 2023, the cannabis market in Michigan has seen a 34 percent increase in sales over the first 11 months compared to the same period in 2022. This trend suggests that the state is on track to achieve approximately $3.3 billion in combined medical and adult-use cannabis sales for the entire year of 2023.

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