Licensed cannabis retailers in Michigan set a new monthly sales record of $295.4 million in August, according to the August 2024 Monthly Report issued by the state Cannabis Regulatory Authority (CRA).
State records indicated that $294.1 million came from adult-use sales while nearly $1.3 million came from medical sales. It’s the third consecutive month of increasing sales, and the new record beats the state’s previous monthly sales record of nearly $288.8 million, set in March.
Michigan is on track to surpass $3.3 billion in annual cannabis sales in 2024.
The state data also tracked more than two million medical cannabis plants, including 89,904 immature, 880,568 vegetative, and 1,326,258 flowering plants; and just over 1.5 million adult-use cannabis plants, including 301,282 immature, 403,607 vegetative, and 833,138 flowering plants.
There are currently 2,237 cannabis licenses issued by the state, including 1,022 growers, 827 retailers, 272 processors, 22 secure transport companies, and 22 safety compliance facilities. There are also 19 cannabis microbusinesses, 1 educational research license, 3 designated consumption sites, 45 cannabis event organizers, and 4 temporary cannabis event licenses.
Cannabis prices in Michigan have fallen by 14.5% in 2024, reaching an all-time low in July of $79.70 per ounce. And between the industry’s growing sales and dropping prices, state operators in March sold more licensed cannabis products than California — it was the first time California’s cannabis market was outperformed by another state in monthly cannabis sales.
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