Michigan saw a subtle dip in cannabis sales from a record $276.7 million in July to $276.3 million in August. However, the bigger picture tells a story of rapid growth: sales have surged 32.9% from the same period last year, marking an increase from last month's 31.8% year-over-year growth rate.
The Michigan Cannabis Regulatory Agency offers a detailed breakdown between medical and recreational sales:
Medical Sales: Witnessed a significant drop of 69.5% from last year, totaling $5.6 million. This is an 8.3% decrease from July.
Adult-Use Sales: Continued its robust growth, shooting up 42.9% year-over-year to $270.6 million, maintaining its momentum from July.
Additionally, the state offers insights into sales and pricing across different cannabis categories, for both medical and recreational uses.
One notable trend is the falling price of flower for recreational use. In August, the average price stood at $1507 per pound, a sequential drop of 4.5% and a sharp 19.4% decrease from last year's figures.
Looking at a broader timeframe, Michigan's cannabis sales swelled by 82.1% in 2021, reaching $1.79 billion. The momentum continued into 2022, with sales growing 27.9% to clock in at $2.29 billion. For 2023, the sales trajectory remains promising. In just the first eight months, sales have risen by 36.8% compared to the same period in 2022. As supply chain efficiencies improve and distribution networks widen, the Michigan cannabis market is poised for further growth.
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