Michigan Cannabis Sales Soften in January

Michigan cannabis sales sank 6.5% in January compared to December and increased 35.9% from a year ago to a record $207.3 million. This was a bit faster than the 32.0% annual growth in December and the fastest since February 2022:

The Michigan Marijuana Regulatory Agency breaks out sales by medical and adult-use, with medical sales falling 59.6% from a year ago to $11.3 million, down 15.8% sequentially, and adult-use sales expanding 57.3% year-over-year to $196.0 million, down 5.9% 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 January, the average price of $1282 per pound fell 11.6% sequentially and fell 47.5% 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. 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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