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Adult Use Sales Boost Michigan Cannabis Revenue Up 12% Sequentially in July to Record $210 Million – New Cannabis Ventures

Michigan cannabis sales rose 12% from June with an extra day and rose 23% year over year to a record high of $209.9 million in July:

Michigan’s marijuana regulatory agency splits sales by medical and adult use, with medical sales down 50.6% from a year ago to $21.1 million, down 2 % sequentially, and adult-use sales increased 47.1% year-over-year to $188.8 million. , up 13.8% sequentially:

The state breaks down sales by category and provides pricing details by category, for both medical and adult use:

Medical Marijuana

Cannabis for adult use

As the supply continues to increase, the price of flowers for adults has dropped dramatically. In July, the average price of $1,945 per pound rose 34% sequentially, but fell 44% from a year ago:

Michigan cannabis sales increased 82.1% in 2021 to $1.79 billion and are up 26.2% so far in 2022 to $1.24 billion. The program is expected to continue to expand as supply becomes more available and distribution expands.

Alan Brochstein, CFA

Based in Houston, Alan draws on his experience as the founder of the online community 420 Investor, the cannabis industry’s first and still largest public equity-focused due diligence platform. With his vast network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. At New Cannabis Ventures, he is responsible for content development and strategic alliances. Prior to focusing on the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as a freelance research analyst after more than two decades in research and portfolio management. A prolific writer, with over 650 articles published since 2007 on Seeking Alpha, where he has 70,000 subscribers, Alan is a frequent speaker at industry conferences and a frequent source for the media, including the NY Times, Wall Street Journal, Fox Business, and BloombergTV. Contact Alan: Twitter | Facebook | LinkedIn | E-mail

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