Michigan Cannabis Sales Still Up There: September Earnings Reach $161.4M

Michigan's September cannabis sales improved 52.5% from the same period last year, hitting $161.4 million, which was 2.5% lower than in August, reported New Cannabis Ventures.

Out of a total of $161.4 million, according to the Michigan Marijuana Regulatory Agency, medical cannabis sales accounted for $36.5 million, down by 20.9% year-over-year, and 9% from the previous months. Adult-use sales accounted for $124.9 million, improving 109% year-over-year.

By category, flower brought in the most money in recreational sales - $61.16 million, followed by vape cartridges, which grossed $25.92 million and infused edibles with $16.7 million.

With more and more supply options, the price of flower continues to fall; it dropped 46% from the same period in 2020.

Last year, the Great Lake State raked in $985 million in cannabis sales, while combined sales year-to-date so far in 2021 hit $1.31 billion.

Cannabis Capital Conference

Meanwhile, Michigan-based Benzinga is holding its Cannabis Capital Conference this week, October 14-15, at New York's Marriott Marquis in Manhattan. As always, the conference will bring together industry insiders and investors from around the world who will give keynote speeches, participate in panel discussions, fireside chats, company presentations and more.

Tickets are still available for both the in-person and virtual versions of the conference. You can secure your spot at the conference here 

Photo: Courtesy of Ndispensable on Unsplash