Michigan cannabis sales for October were down for the third consecutive month. At $262.9 million, sales fell 4.3% sequentially despite the longer month. They were up 25.5% from a year earlier, the lowest since August 2022:
The Michigan Cannabis Regulatory Agency breaks out sales by medical and adult-use, with medical sales falling 70.7% from a year ago to $4.9 million, down 10.2% sequentially, and adult-use sales expanding 33.0% year-over-year to $258.5 million, down 4.2% 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 October, the average price of $1562 per pound fell sequentially, losing 2.5% but falling 4.9% 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 34.7% compared to the first ten months of 2022. The program should continue to expand ahead as supply becomes more available and as distribution expands.