Michigan Cannabis Market Sees Slowdown in June Sales

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

1. Overall Market Performance:

   • June 2024 sales: $278.8 million
   • Sequential decrease from April: 0.3%
   • Year-over-year increase: 6.9%

2. 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)

3. 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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