The average price for adult-use products fell 21% from September 2023.
Michigan’s regulated cannabis industry hit a record sales high in August, but fortunes reversed in September, with a 10% decline from the previous month.
The state’s Cannabis Regulatory Agency reported total legal cannabis sales of $266.9 million for September, with adult-use sales accounting for $265.9 million of that total. The latest figure is also down 3% from September 2023, when sales of $274.7 million were recorded.
Most of the year-over-year decline can be attributed to medical sales, which fell from $4.9 million in September 2023 to just over $1 million for the same month in 2024. Adult-use sales also ticked down by 1% for the comparison period.
The overall decline in dollar-value for adult-use cannabis products comes despite a significant increase in volume sold. In September 2023, the industry sold 432,062.3 pounds worth of product plus 822,225.32 fluid ounces, a measure used for infused liquids. This year, sales included 522,028.29 pounds of product plus 1.9 million fluid ounces of infused liquid.
However, the average retail flower price declined sharply year-over-year, to $78.68 per ounce from $100.14 for the adult-use market, a drop of 21%. On the medical side, prices fared only slightly better, falling 17% to $92.95 from $112.24.
Ohio’s new adult-use cannabis market, which launched in August, could also be a factor in Michigan’s sales decline. Non-medical cannabis sales in that state reached $43.1 million in September (through Sept. 28), with medical sales coming in at $28.8 million.
As of Sept. 30, Michigan had 835 active adult-use retailer licenses and 1,031 active growers across license classes. The state also had another 1,225 licenses across all other categories.
For the medical cannabis industry, the CRA reported 1,899 active growers servicing 183 provisioning centers.
The average price for adult-use products fell 21% from September 2023. Read More