Stabilization in flower prices and strong adult-use demand boosted Michigan cannabis revenue in August by 52% compared to a year ago to $165.6 million, down 3.2% from July:
The Michigan Marijuana Regulatory Agency breaks out sales by medical and adult-use, with medical sales falling 119.2% from a year ago to $40.1 million, down 6% sequentially, and adult-use sales increasing 112% to $125.5 million, down 2% sequentially:
The state breaks out sales by category and provides pricing detail by category, for both medical and adult-use:
In the larger and more rapidly growing adult-use market, flower and trim sales represented 57% of the market, similar to July but down from 58% in the prior three months and up from 56% in January and February.
As supply continues to expand, flower pricing for adult-use has seen a dramatic decline. In August, the average price of $3765 per pound rose 8% from July, the second consecutive increase, and fell 41% from a year ago:
Michigan generated $985 million in cannabis sales in 2020, and the program should continue to expand this year as supply becomes more available and as distribution expands. So far in 2021, year-to-date combined sales are up 97% to $1.15 billion.