With an additional day compared to September, Michigan cannabis sales in October advanced 1.3 percent to $163.5 million, up 58.8 percent from a year ago.
The Michigan Marijuana Regulatory Agency breaks out sales by medical and adult-use, with medical sales falling 18.8 percent from a year ago to $35.2 million, down 4 percent sequentially, and adult-use sales increasing 115 percent to $128.4 million, up 3 percent sequentially and a record.
The state breaks out sales by category and provides pricing detail by category, for both medical and adult-use.
In the larger and more rapidly growing adult-use market, flower and trim sales represented 56% of the market, down from 57 percent in Q3 and from 58 percent in Q2.
As supply continues to expand, flower pricing for adult-use has seen a dramatic decline. In October, the average price of $3269 increased 0.3 percent from September and fell 49 percent from a year ago.
Michigan generated $985 million in cannabis sales in 2020, and the program should continue to expand ahead as supply becomes more available and as distribution expands. So far in 2021, year-to-date combined sales are up 86 percent to $1.47 billion.
Exclusive article by Alan Brochstein, CFA who writes for New Cannabis Ventures