Michigan Cannabis Sales Rise in April Despite Lower Revenue

May 17th, 2024 Business & Industry
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Michigan cannabis retailers experienced a 9.3% increase in sales volume in April compared to March, although the revenue generated saw a 3.5% decrease.

In April, Michigan retailers sold a total of 573,206 pounds of cannabis. Of this, 569,620 pounds were purchased by adult-use customers, and 3,586 pounds by medical marijuana patients, generating a total of $278,546,444. Recreational consumers spent $276,685,183, while medical marijuana patients accounted for $1,861,261 of the sales, according to the Michigan Cannabis Regulatory Agency (CRA).

In contrast, March saw the sale of 524,285 pounds of cannabis, with 520,469 pounds sold to recreational users and 3,816 pounds to medical patients. The total revenue for March was $288,843,279, with $286,790,258 from adult-use customers and $2,053,021 from medical marijuana patients, as reported by the CRA.

The decline in revenue despite the increase in sales volume can be attributed to a drop in the average price per ounce. The CRA noted that the average price for an ounce of recreational cannabis fell from $90.70 in March to $86.61 in April. Similarly, the average price for an ounce of medical cannabis decreased from $101.22 in March to $99.74 in April.

Despite the falling retail prices, there remains strong interest in cannabis cultivation. The state continues to receive numerous applications for Class C cultivation licenses, which allow for the cultivation of up to 2,000 cannabis plants. In April, 335 out of 336 new medical marijuana business applications were for Class C grow licenses. Additionally, 30 of the 117 new adult-use business applications were for Class C cultivation permits, according to the CRA.

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