HOT MAMAS FOODS INC CO by Hot Mama's Foods, Inc. Stock (OTC: HOTF)

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HOT MAMAS FOODS INC CO by Hot Mama's Foods, Inc.

<p>Legal cannabis sales in Michigan achieved a record high of $837 million in Q2 2024, marking a 6% increase from $793 million in Q1 2024 and an 11% rise from $753 million in Q2 2023, according to a report by <strong>Beacon Securities</strong>. June&#39;s total sales were $279 million, slightly down by less than 1% from May but up 7% year-over-year from $261 million in June 2023.</p>
<h2>Retailer Insights</h2>
<p>The report noted a decline in the active retailer count for the second time since October 2021, decreasing by three stores. Average revenue per retailer was $343,000 in June, remaining flat month-over-month but down 6% year-over-year from $366,000 in June 2023.</p>
<p><a href="https://www.benzinga.com/topic/beacon-securities-limited">Beacon&#39;s analysts</a> attributed this decline to a 16% year-over-year increase in the number of stores. Quarterly average revenue per retailer rose to $1.04 million in Q2 2024, a 2% increase from Q1 2024 but a 4% decrease from Q2 2023.</p>
<h3>Breakdown Of Sales</h3>
<p>Adult-use <a href="https://www.benzinga.com/markets/cannabis/24/07/39820832/michigan-top-seller-of-legal-cannabis-in-us-reports-flat-sales-in-june-colorados-marijuana-downt">cannabis sales</a> constituted the majority, with $277.4 million in June 2024, a 9% year-over-year increase from $254.2 million in June 2023. Medical use sales, however, experienced a significant decline, totaling $1.4 million in June 2024, down 78% year-over-year from $6.6 million in June 2023.</p>
<h3>Market Analysis</h3>
<p><a href="https://www.benzinga.com/topic/michigan-cannabis">Michigan&#39;s cannabis market</a> is thriving, marked by <a href="https://www.benzinga.com/markets/cannabis/24/07/39758729/cannabis-concentrates-brands-with-strong-growth-acquisition-targets-amid-industry-consolidation">high-growth brands </a>and a robust market structure. The Beacon Securities report highlighted the performance of notable public companies in Michigan, including <strong>Ascend Wellness</strong> (OTC: <a class="ticker" href="https://www.benzinga.com/stock/aawh#OTC">AAWH</a>), <strong>Grown Rogue </strong>(OTC: <a class="ticker" href="https://www.benzinga.com/stock/grusf#OTC">GRUSF</a>), <strong>TerrAscend</strong> (OTC: <a class="ticker" href="https://www.benzinga.com/stock/tsndf#OTC">TSNDF</a>), and <strong>Red White and Bloom</strong> (CNSX: RWB).</p>
<p>Key players such as Goodlyfe Farms, Galactic, and Society C have each exceeded $5 million in sales, positioning themselves as prime acquisition targets amid ongoing industry consolidation.</p>
<p><strong>Also Read:&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/06/39207863/michigan-beats-california-in-legal-cannabis-sales-why-is-golden-states-weed-industry-losing-its-">Michigan Beats California In Legal Cannabis Sales: Why Is Golden State&#39;s Weed Industry Losing Its Shine?</a></strong></p>
<p>A <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38282615/cannabis-brands-leading-market-expansion-in-east-midwest-a-look-at-prices-and-trend">sector analysis</a> by <strong>Pablo Zuanic</strong> of <strong>Zuanic &amp; Associates</strong> underscores that Michigan&#39;s market is highly fragmented, with <strong>Cresco&#39;s High Supply</strong> (OTC: <a class="ticker" href="https://www.benzinga.com/stock/crlbf#OTC">CRLBF</a>) and Ascend Wellness&#39;s<strong> Ozone </strong>leading various segments, including the flower category.</p>
<p>Despite challenges, Michigan&#39;s legal cannabis market outpaced California in unit sales, with Michigan selling 22 million cannabis products in March compared to California&#39;s 21.3 million.</p>
<h2>What Makes Michigan Special?</h2>
<p>Michigan&#39;s cannabis industry hit a milestone in 2023, with licensed dispensaries recording $3.06 billion in sales, a 25% increase from the previous year. This surge boosted the local economy and generated over $457 million in <a href="https://www.benzinga.com/markets/cannabis/24/06/39174875/over-20-billion-in-green-cannabis-is-a-lucrative-harvest-for-legal-weed-states">new taxes</a>, benefiting local governments, schools</p>
<p>and roads.</p>
<h3>Expansion Of Dispensaries And Licenses</h3>
<p>The industry&#39;s growth is evident with the addition of 120 new dispensaries in 2023, bringing the statewide total to approximately 750. Detroit&#39;s recent entry into the recreational cannabis sector has notably contributed to this expansion.</p>
<h3>Challenges In Pricing And Market Saturation</h3>
<p>Despite booming sales, the average price of an ounce of adult-use flower dropped from $512 in January 2020 to $80 in January 2023, slightly recovering to $90.08 in December 2023. This price drop posed difficulties for dispensaries and growers.</p>
<h3>Michigan&#39;s Market Dynamics</h3>
<p>Michigan&#39;s<a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/10/35248283/michigans-unrestricted-but-limited-cannabis-market-surges-say-experts"> &quot;unrestricted but limited&quot; cannabis market</a>, characterized by intense competition and robust consumer growth&nbsp;continues to thrive.</p>
<p>Key factors include licensing, competition, pricing, and cross-border trading, with low prices and retail proximity being major drivers of consumer choice.</p>
<p><strong>Read Next:<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36874881/key-success-states-legal-marijuana-market-weed-sales">&nbsp;EXCLUSIVE: Decoding Michigan&#39;s Cannabis Boom - Record Sales Of $3B And $457M In Taxes In 2023</a></strong></p>
<p><em>These issues will be a hot topic&nbsp;at the upcoming Benzinga Cannabis Capital Conference in Chicago this Oct. 8-9. Join us to get more insight into what the wave of weed legalization means for the future of investing in the&nbsp;industry. Hear directly from top executives, investors, advocates, and policymakers.&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">Get your tickets now</a>&nbsp;before prices go up by following&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">this link</a>.</em></p>
<p><em>Photo: AI-Generated Image.&nbsp;</em></p>


Analyst Color

Michigan's Cannabis Market Hits $837M Record: What's Driving The Boom In The Midwest?

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HOT MAMAS FOODS INC CO by Hot Mama's Foods, Inc.

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