Cannabis sales in Michigan increased 66.1% in November when compared with the same month last year, reaching $153 Million.
Closing in on its second anniversary of cannabis sales, the state’s market continues to skyrocket. Last month, cannabis became Michigan’s third most valuable crop, trailing only corn and soybeans.
New Cannabis Ventures reported that, while overall cannabis sales grew significantly year-over-year, the growth is not equal across categories: medical sales fell 14% to $31.9 million, while adult-use sales increased 121% to $120.8 million.
November was the fifth best month in the history of the state’s cannabis market, with sales decreasing sequentially 6.6% from October of this year.
The cost of flower per pound also continues to decrease as supply grows, leading to easier access for retail customers. In November, the average price of $3,051 for a pound of flower fell 6.4% from October and 49% from November of 2020.
Combined sales from January through November amount to $1.63 billion, up 84% from a yearly total of $985 million in 2020.
Lead image by Ilona Szentivanyi. Copyright: Benzinga.
