Michigan licensed retailers sold $264.7 million in adult-legal cannabis in December pushing Michigan past the $3 billion annual sales mark for 2024, to $3.27 billion, the Cannabis Regulatory Agency reported. That represents a 9.9% increase from the $2.98 billion in adult-use sales reported in 2023.
In addition, the $264.7 million in adult-use sales from December 2024 pushes the state’s cumulative market total to more than $10.2 billion since sales for those 21 years and older launched five years ago in December 2019, according to the CRA.
One notable to Michigan’s maturing market: 2024 was the first time in the state’s five-year history that retailers did not set a record in December sales figures. A year ago in December, $276.7 million in adult-use cannabis was sold. The monthly average for 2024 was $272.7 million.
Adult-Legal Sales figures for each product category are in the chart below.
Amid another record performance, year-over-year growth for Michigan’s adult-use retail market is slowing down. The state’s 9.9% sales increase comes after 46% growth in 2023 and a 55% increase in 2022, according to the CRA.
The slowing year-over-year growth rate is mostly due to falling prices on dispensary shelves. Michigan closed out 2024 with average adult-use flower prices dipping to $69.20 per ounce at retail in December, an all-time low, according to the CRA.
The state’s $82.50 average flower price for all of 2024 represents a 10.3% decrease from 2023’s average of $92 per ounce and a 35% decrease from 2022’s average of $128 per ounce.
But Michigan’s licensed dispensaries rung up record figures this past year thanks to the number of products sold, as demand was at an all-time high in 2024 even as neighboring Ohio launched its adult-use market in August 2024.
Overall, Michigan retailers sold more than 1.1 million pounds of adult-use cannabis flower in 2024, representing a 17% increase from the 947,300 pounds sold in 2023 and a 112% increase from the 522,800 pounds sold in 2022.
Michigan’s September and December 2024 adult-use sales figures were below the corresponding months from the previous year—a program first.
Still, the 102,317 pounds of adult-use flower sold in December 2024 was only slightly below an all-time high of 103,129 pounds sold the previous month.
Michigan’s best sales month on record came in August 2024, when retailers rang up more than $294.1 million in adult-use sales.
Cannabis Business Times contributed to this story.