Michigan Cannabis Sales Declines 1% Sequentially in August
A new report from the Michigan Marijuana Regulatory Agency showed that the state's cannabis sales "slipped 1% compared to July and increased 26% year-over-year to $207.9 million in August."
The agency, which broke down sales by medical and adult use, stated in its report that "with medical sales falling 53.9% from a year ago to $18.5 million, down 12.4% sequentially, and adult-use sales expanding 50.9% year-over-year to a record $189.4 million, up 0.3% sequentially."
According to New Cannabis Ventures, Michigan “breaks out sales by category and provides pricing detail by category, for both medical and recreational use.”
Image by New Cannabis Ventures
Additionally, as supply continues to expand, recreational cannabis pricing has seen a 'dramatic' decline. In August, the average price of $1869 per pound fell 3.9% sequentially and fell 47.5% from a year ago. "Michigan cannabis sales expanded 82.1% in 2021 to $1.79 billion and are up 26.1% thus far in 2022 at $1.45 billion," concluded the report.