Michigan, Top Seller Of Legal Cannabis In US Reports Flat Sales In June, Colorado's Marijuana Downturn Continues

Top Seller Of Legal Cannabis In US Reports Flat Weed Sales In June

Much like in May, Michigan marijuana sales remained relatively flat in June, with a total of $278.8 million in cannabis products sold last month. In May, that figure was slightly higher at $279.6 million, while $278.5 million worth of marijuana goods was sold to Michiganders in April by the state's legal dispensaries.

As New Cannabis Ventures reported, citing data from the Michigan Cannabis Regulatory Agency, June sales increased by 6.9% year-over-year. That's "the slowest annual growth in over two years," NCV's Alan Brochstein said.

As opposed to medical sales that dropped 78.4% year-over-year and 10.7% sequentially to $1.4 million in June, adult-use cannabis sales increased 9.1%, and 0.2%, respectively to $277.4 million.

Flower remained the most sought product category in the state which is touted by cannabis analytics firm BDSA as the top seller of legal cannabis nationwide, surpassing California in unit sales. Interestingly, June's average product of $1384 per pound of flower has dramatically declined from over $8,000 per pound for recreational flower in January 2020, according to NCV's report.

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Colorado's Cannabis Downturn Continues

In Colorado, May sales have followed suit dropping to $113 million from $120 million in April – the worst April sales performance since 2016, data by the state Department of Revenue suggested.

As highlighted by Green Market Report's John Schroyer, May figures alongside last November's are the lowest the state has seen since February 2018.

The May sum includes $98.4 million in recreational sales and $14.7 million in medical marijuana sales, according to the state report. Additionally, June's state cannabis tax collections of $18.3 million, representing a drop from $22 million collected in May, don't promise much for the retailers statewide.

Interestingly, what was once a front-runner in the U.S. for recreational marijuana sales, the pioneering industry and market have been experiencing a downturn for some time now.

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• Colorado’s Cannabis Sales Figures Paint Dismal Picture Of A Pioneering Industry Here’s What Went Wrong