As Michigan Adult-Use Cannabis Sales Improve, This Marijuana Retailer Is Shutting Down Stores

Cannabis sales in Michigan hit $1.03 billion in the first half of 2022, up by 26.9% from the same period last year. As per the report released by the Michigan Marijuana Regulatory Agency, June marijuana sales in the Great Lakes state, improved 0.5% sequentially. 

The Agency further disclosed sales by medical and adult-use, revealing medical marijuana sales have dropped 48.4% from the previous year to $21.5 million, while adult-use sales improved 54.5% year-over-year reaching $165.9 million. 

The report also highlighted the drop in recreational cannabis prices, with the average price for flower at $1959 per pound, down 41.6% from the same period in 2021. 

While recreational cannabis sales in the state seem to be booming, a major Michigan cannabis retailer Lume Cannabis Co., which runs around 30 stores and has around 1,000 employees suddenly closed four stores on Monday, reported MLive.

In a statement released via its East Lansing-headquartered public relations company, Byrum & Fisk, the company said these closures should help the business become “better aligned for future growth.”

Lume’s stores that were closed for business Monday, include Bay City, Christmas, Cheboygan and Southfield. As per Lume’s website, the company still has 29 other stores that are actively open.

A former employee at one store told Michigan News Time that workers were notified Monday that the store is shutting down and that the staff would be laid off. According to the employee, the reason for the store’s closure was a lack of revenue.

On the other hand, the news comes on the heels of Lume opening a new store in Ann Arbor. The company also previously announced plans to operate 100 stores across the state by the end of 2024.

Photo: Courtesy of Tim Mossholder on Unsplash