Michigan Marijuana Sales Rise 2% To $212 Million In September, Expert Says

In September, Michigan cannabis sales rose 2% compared to August, and increased 31.4% from a year ago to a record $212 million, wrote Alan Brochstein, CFA and founder of New Cannabis Ventures and 420 Investor.

Image by New Cannabis Ventures

"With medical sales falling 54.4% from a year ago to $16.6 million, down 10.0% sequentially, and adult-use sales expanding 56.4% year-over-year to record $195.3 million, up 3.1% sequentially with one less day than in August," according to the Michigan Marijuana Regulatory Agency, which breaks out sales by medical and recreational use.

Brochstein's new report noted that “the state breaks out sales by category and provides pricing detail by category, for both medical and adult use.”

Image by New Cannabis Ventures
The price of flowers for recreational use has seen a drastic decline as supply continues to expand, noted Brochstein. In September, "the average price of $1,758 per pound fell 6.0% sequentially and fell 46.1% from a year earlier."

Additionally, marijuana sales in Michigan "expanded 82.1% in 2021 to $1.79 billion and are up 26.8% so far in 2022 to $1.66 billion."

"The program should continue to expand ahead as supply becomes more available and as distribution expands," Brochstein concluded.

Detroit has not yet issued recreational retail licenses. However, legal hurdles facing the rigorous Legacy Detroiter preference program for long-term residents seeking to enter the cannabis industry are gathering steam, a month after a judge dropped two lawsuits challenging the license application process.

Photo: Courtesy Of Brandon Crawford On Unsplash