Following a January dip shall we call it, Michigan's cannabis sales rebounded nicely in February, gaining in total 1.59% to $154.8 million - up 47% from a year ago.
The Michigan Marijuana Regulatory Agency reports sales by medical and adult-use, with medical sales falling 32% from a year ago to $26.0 million, down 7% sequentially and adult-use sales increasing 92% to $128.9 million, up 3.5% sequentially despite three fewer days in the month, reported New Cannabis Ventures.
The state also breaks out sales by category and provides pricing details by category, for both medical and adult-use. In the latter, which is larger and growing at a clip, flower and trim sales represented 57% of the overall market as it did in January.
As supply continues to expand, flower pricing for adult-use has seen a dramatic decline. In January, the average price of $2562 per pound bounced back by 5% compared to January, dropping 40% from a year ago.
NCV's Alan Brochstein notes that Michigan cannabis sales expanded 82% in 2021 to $1.79 billion and are up 44% thus far in 2022 and predicts that the program should continue to expand as supply becomes more available and as distribution expands.
