September Michigan Cannabis Sales $266.9 Million, Down 10 Percent From August

LANSING – After record-breaking Michigan August cannabis sales, September sales plunged nearly 10 percent, the Cannabis Regulatory Agency announced Monday.

By the numbers, September sales were $266.9 million versus $294 million in August, with just 1 percent purchased by medical marijuana patients.

The $266.9 million in September sales is a slight dip from the roughly $275 million sold in September 2023. Part of the reason for the decline is prices are down more than 20 percent from a year ago with the average price per ounce at $76.66, down from $100.14, CRA reports show.

So far in 2024, legal cannabis sales total $2.2 billion. For the full year 2023, sales came in around $3.1 billion. Since cannabis sales were legalized in 2019, about $10 billion in pot has been sold to date in Michigan.

The CRA lists 835 licensed marijuana retail outlets throughout Michigan. But there are 2,256 licensed marijuana businesses, including processors, growers, microbusinesses and transporters.

At the Michigan Cannabis Industry Association luncheon last week, CRA Director Brian Hanna said applications for another 1000 licenses are in process.

Plus some 1.3 million cannabis plants are now getting harvested by outside growers. What impact these plants will have on pricing is yet to be determined.

There is no end in sight for the market consolidation that has ravaged the Michigan cannabis industry for more than a year.

But the good news is the Michigan cannabis industry employs nearly 39,000 people.