Michigan Cannabis Sales Experience Slight Dip in October, But Yearly Growth Remains Strong

November 16th, 2023 Business & Industry
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Michigan's cannabis industry experienced a slight decrease in sales during October, reporting a 4.3% drop to $262.9 million compared to $274.7 million in September. Despite this monthly decline, the industry saw a notable annual increase, with sales rising 25.5% from October of the previous year. Notably, sales had reached their peak in July at $276.7 million.

A deeper look into the sales statistics reveals a significant shift in the market dynamics. Medical cannabis sales have dramatically decreased by 70.7% year-over-year, reaching just $4.9 million in October, a 10.2% decline from September. In stark contrast, adult-use cannabis sales have surged, showing a 33% increase compared to the same period last year, totaling $258.5 million. However, this segment also experienced a minor month-over-month decrease of 4.2%.

The cumulative sales for 2023 so far have increased by over a third compared to the first ten months of 2022. This growth trajectory suggests that the industry is on track to surpass $3 billion in sales by the end of the year.

In terms of product popularity among adult-use consumers, flower products lead with $118 million in sales. Vape cartridges followed with $49.5 million, inhalable compound concentrates at $27 million, and shake and trim sales at $23.2 million. This distribution underscores the diverse preferences in the Michigan cannabis market.

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