Michigan Cannabis Sales Bounce Back

Michigan cannabis sales for February were up sequentially after falling sharply in January. At $261.0 million, sales rose 7.5% sequentially but were still below the record set in December. They were up 20.6% from a year earlier:

The Michigan Cannabis Regulatory Agency breaks out sales by medical and adult-use, with medical sales falling 78.2% from a year ago to $2.2 million, down 21.9% sequentially, and adult-use sales expanding 25.4% year-over-year to $258.9 million, up 7.7% sequentially:

The state breaks out sales by category and provides pricing detail by category, for both medical and adult-use:

Adult-Use Cannabis Sales
Medical Cannabis Sales

As supply continues to expand, flower pricing for adult-use has seen a dramatic decline. In February, the average price of $1471 per pound fell sequentially, losing 1.4% but rising 6.9% from a year ago:

Michigan cannabis sales expanded 82.1% in 2021 to $1.79 billion, 27.9% in 2022 to $2.29 billion and  33.3% to $3.06 billion in 2023. So far in 2024, they have grown by 18.9%. The program should continue to expand ahead as supply becomes more available and as distribution expands.

Exclusive article by Alan Brochstein, CFA
Alan Brochstein, CFA
Based in Houston, Alan leverages his experience as founder of online community 420 Investor, the first and still largest due diligence platform focused on the publicly-traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. At New Cannabis Ventures, he is responsible for content development and strategic alliances. Before shifting his focus to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst following over two decades in research and portfolio management. A prolific writer, with over 650 articles published since 2007 at Seeking Alpha, where he has 70,000 followers, Alan is a frequent speaker at industry conferences and a frequent source to the media, including the NY Times, the Wall Street Journal, Fox Business, and Bloomberg TV. Contact Alan: Twitter | Facebook | LinkedIn | Email

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