In September, Cannabis sales in Michigan were up 2% compared to August and up 31.4% year over year to a record $212 million. wrote alan brochstein, CFA and Founder of New Cannabis Ventures and 420 Investor.
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“With medical sales down 54.4% year-on-year to $16.6 million, 10.0% sequential, and adult sales up 56.4% year-on-year to $195.3 million -dollar, up 3.1% sequentially, down one day from August,” according to the Michigan Marijuana Regulatory Agencywhich breaks down sales by medical and recreational use.
Brochstein’s new report states that “the state breaks down sales by category and provides pricing details by category for medical and adult use.”
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The price of flowers for recreational use has dropped drastically as the supply continues to increase. remarked Brochstein. In September “the The median price of $1,758 per pound fell 6.0% sequentially and 46.1% year-on-year.”
Additionally, Michigan marijuana sales “increased 82.1% to $1.79 billion in 2021 and are up 26.8% to $1.66 billion in 2022-to-date.”
“The program should continue to grow as supply becomes more available and distribution expands,” Brochstein closed.
Detroit has not yet issued recreational retail licenses. However, there are rigorous legal hurdles Legacy Detroit Preference Program for long-term residents looking to get into the cannabis industry is picking up steam, a month after a judge dropped two lawsuits challenging the license application process.
Photo: Courtesy of Brandon Crawford On Unsplash
