The Cannabis Regulatory Agency finally released cannabis sales figures for November and they were higher than experts had predicted. The final tally was $276.4 million, up 6.1% from a year earlier, and 2.9 percent from October. The increase was the first since August at $295.41 million. Medical marijuana sales were slightly less than $900,000.
Through November 30, 2024, the total sales for the adult use industry in Michigan since its inception was $9,952,493,286. During the month of November, Michigan’s average daily sales amount was $9,182,620.
As supply continues to expand, flower pricing for adult-use has seen a dramatic decline. In November, the average price of $1150 per pound fell sequentially, dropping 2.9% and declining 26.3% from a year ago to a new low.
Topping sales were:
Flower $118.4 million
Vape Cartridges $51.9 million
Inhalable Compound $41.5 million
Infused Edibles $25 million
Shake/Trim $21.6 million
Headset had predicted November cannabis sales would improve slightly to $266.8 million, up from $262.9 million in October. Another news service, New Cannabis Ventures, reported Michigan November sales would be slightly higher at $270.1 million. Again, CRA November sales figure was $276 Million.
“This growth is underpinned by a relatively low average item price, which decreased from $10.38 in October 2023 to $10.05 in November 2024, suggesting a market that is becoming increasingly competitive and accessible to a broader consumer base,” HeadSet reported.
This story was reported by Mike Brennan, Four20 Post editor.