Stabilization in flower prices and strong adult-use demand boosted Michigan cannabis revenue to a record $171.1 million in July, up 15% from June and 56% from a year ago.
The Michigan Marijuana Regulatory Agency breaks out sales by medical and adult-use, with medical sales falling 18.8% from a year ago to $42.7 million, up 2% sequentially, and adult-use sales increasing 123.4% to $128.3 million, up 19.5% 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, 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 July, the average price of $3487 per pound rose 4% from June and fell 46% 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 107% to $982 million.