Michigan Cannabis Sales Hit $149M In June, Adult-Use Sales Up 140% YoY

Michigan cannabis sales totaled $149 million in June, according to the state's Marijuana Regulatory Agency.

That's a 60% growth compared to the same month of 2020.

The June cannabis sales do not differ much from those in May, as they have been hovering around $150 million for the third consecutive month after hitting $115.4 million in March, representing a substantial increase compared to the previous period.

In fact, after launching recreational sales on Dec. 1, 2019, Benzinga's home state of Michigan saw a steady increase in cannabis sales, despite a slight decrease in the last quarter of 2020.

Interestingly, medical sales in the Great Lake State dropped by 8.8% from a year ago to $41.7 million, representing a sequential decline of 6%, while adult-use sales spiked 140% year-over-year to $107.4 million, up by 3% sequentially.

Flower and trim sales remained unchanged over the second quarter of 2021, representing 58% of the adult-use market. 

Flower pricing for adult-use sales, however, continues to see a significant decline as the average price in June fell 5% from May and 48% from a year ago to $3,357 per pound.

In 2020, Michigan generated a total of $985 million in cannabis sales. In 2021, combined sales increased by 123% to date, to $810.9 million.

Photo by Alexis Mette on Unsplash