Michigan Cannabis Sales Sink – New Cannabis Ventures
Michigan cannabis sales for January were were down sequentially after a lift in December. At $242.8 million, sales plunged 13.5% sequentially after setting a record in December. They were up 17.1% from a year earlier, the lowest growth since March 2022:
The Michigan Cannabis Regulatory Agency breaks out sales by medical and adult-use, with medical sales falling 77.9% from a year ago to $2.5 million, down 21.9% sequentially, and adult-use sales expanding 22.6% year-over-year to $240.3 million, down 13.2% 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 January, the average price of $1491 per pound fell sequentially, losing 2.0% but rising 16.3% 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. In 2023, sales grew 33.3% to $3.06 billion. The program should continue to expand ahead as supply becomes more available and as distribution expands.
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
