With one less day than October, Michigan cannabis sales fell 6.6 percent to $152.7 million in November, up 66.1 percent from a year ago:

The Michigan Marijuana Regulatory Agency breaks out sales by medical and adult-use, with medical sales falling 14 percent from a year ago to $31.9 million, down 9% sequentially, and adult-use sales increasing 121 percent to $120.8 million, down 6 percent sequentially:

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 55 percent of the market, down from 56 percent in October, 57 percent in Q3 and 58 percent in Q2.

As supply continues to expand, flower pricing for adult-use has seen a dramatic decline. In November, the average price of $3051 fell 6.4 percent from October 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 84 percent to $1.63 billion.

Exclusive article by Alan Brochstein, CFA