Michigan Cannabis Sales Slip in April

Michigan cannabis sales climbed 15.4% in  March from the shorter February, but they fell 1.5% in April to $246.1 million.  On a per-day basis, sales increased 1.8% after gaining 4.2% on a per-day basis in March. The growth of 26.2% from a year ago was way down from the 62.9% level last month:

The Michigan Cannabis Regulatory Agency breaks out sales by medical and adult-use, with medical sales falling 71.0% from a year ago to $7.8 million, down 20.2% sequentially, and adult-use sales expanding 41.8% year-over-year to $238.2 million, down 0.7% sequentially:

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

Medical Cannabis
Adult-Use Cannabis

As supply continues to expand, flower pricing for adult-use has seen a dramatic decline. In April, the average price of $1404 per pound rose again sequentially, gaining  1.0% but falling 34.1% from a year ago:

Michigan cannabis sales expanded 82.1% in 2021 to $1.79 billion and were up 27.9% in 2022 at $2.29 billion. So far in 2023, sales have grown 40.2% compared to the first four months of 2022. 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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