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:
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.