Michigan Cannabis Market Sees Slowdown in June Sales
July 16th, 2024
Michigan's cannabis market saw a minor decline in June 2024, with total sales reaching $278.8 million, marking a 0.3% decrease from April. Despite the slowdown, sales increased 6.9% year-over-year, the slowest annual growth in over two years. Medical cannabis sales plummeted 78.4% year-over-year to $1.4 million, while adult-use sales rose 9.1% to $277.4 million, although they experienced a slight 0.2% sequential drop. The average price of adult-use cannabis flower continued to decline, reflecting an ongoing expansion in supply.
Detailed Analysis
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Overall Market Performance:
- June 2024 sales: $278.8 million
- Sequential decrease from April: 0.3%
- Year-over-year increase: 6.9%
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Medical vs. Adult-Use Sales:
- Medical sales: $1.4 million (down 78.4% YoY, 10.7% sequentially)
- Adult-use sales: $277.4 million (up 9.1% YoY, down 0.2% sequentially)
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Pricing Trends:
- Average price for adult-use flower: $1384 per pound
- Price decline: 1.9% sequentially, 3.1% year-over-year
Growth Trajectory
- 2021: Sales increased by 82.1% to $1.79 billion
- 2022: Sales grew by 27.9% to $2.29 billion
- 2023: Sales rose by 33.3% to $3.06 billion
- 2024 (to date): Growth of 14.3%
The expansion of supply and distribution networks is expected to continue driving the market forward.
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