Michigan's Cannabis Sales Hit Monthly Record, Poised To Become $3B Weed Market In 2023

Michigan's cannabis sales rose 6.1% in July from June to a record $276.7 million. On a per-day basis, sales grew 2.7%, reported New Cannabis Ventures (NCV) Friday afternoon.

Citing the Michigan Cannabis Regulatory Agency (CRA), which breaks out sales separately by medical and adult use, NCV noted that medical sales fell 70.9% from a year ago to $6.1 million and adult-use sales expanded 43.3% to $270.6 million, up 6.5% sequentially. 

Meanwhile, in June and July 2023, Michigan’s dispensaries sold more than 571,000 pounds of adult-use and medical cannabis flower through the first seven months of the year, representing a 107% increase from the roughly 276,000 pounds sold during the first seven months of 2022, according to CRA data used by NCV. 

“The program should continue to expand ahead as supply becomes more available and as distribution expands,” wrote NCV’s Alan Brochstein.

$3 Billion Market

Based on its current monthly average of $243.3 million in 2023, noted the Cannabis Business Times, Michigan is on pace to rack up $2.9 billion in sales this year. “And, considering its recent trends, it’s likely that Michigan will become just the second $3-billion cannabis market in the nation, joining the likes of California, one of six state markets where sales are currently shrinking.”