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:
Medical CannabisAdult-Use Cannabis
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.
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
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.