Michigan cannabis sales climbed 9% in December as compared to November and increased 32% from a year ago to a record $221.7 million.
“This was a little slower than the 33.2% annual growth in November,” wrote Alan Brochstein, CFA and founder of New Cannabis Ventures and 420 Investor.
Graph by New Cannabis Ventures
“With medical sales falling 59.2% from a year ago to $13.4 million, down 1.1% sequentially, and adult-use sales expanding 54.3% year-over-year to $208.3 million, up 9.7% sequentially with one more day than in November,” according to the Michigan Marijuana Regulatory Agency, which broke out sales by medical and recreational use.
Brochstein’s new report noted, “The state breaks out sales by category and provides pricing detail by category, for both medical and adult-use.”
Graph by New Cannabis Ventures
The price of flowers for recreational use saw a drastic decline as supply continues to expand, noted Brochstein. In December, “The average price of $1,451 per pound fell 4.7% sequentially and fell 51.0% from a year ago.”
Additionally, marijuana sales in Michigan “expanded 82.1% in 2021 to $1.79 billion and were up 27.9% in 2023 at $2.29 billion.”
“The program should continue to expand ahead as supply becomes more available and as distribution expands,” Brochstein said.
In related news, after years of delays, Detroit was on the road to issuing long-awaited recreational marijuana licenses.
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Photo: Courtesy El Planteo
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