LANSING – After a record-setting December and an equally booming 2021, Michigan’s adult-use cannabis sales decreased 9 percent to $152.6 million in January though 41 percent up from a year ago.
The Michigan Marijuana Regulatory Agency, which breaks down sales by medical and adult-use, reported medical sales falling 32 percent from a year ago to $28 million, down 15 percent sequentially, and adult-use sales increasing 85 percent to $124.6, down 8 percent sequentially, New Cannabis Ventures reported.
The state also breaks out sales by category and provides pricing detail for both medical and adult-use.
In the larger and rapidly growing adult-use market, flower sales represented 57 percent of the overall market, slightly higher than the 56 percent in Q4 and similar to the 57 percent in Q3.
As supply continues to expand in Michigan, Benzinga’s home state, flower pricing for adult-use has seen a dramatic decline. In January, the average price of $2,443 per pound plunged 17 percent from December and fell 53 percent from a year ago.
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