Recreational cannabis sales in Michigan fell to $270 million in April 2024, down from $276 million in March and $277 million in April 2023, according to the latest monthly report from the state’s Cannabis Regulatory Agency.
Despite the 4/20 celebration, which typically boosts sales, the decline in revenue was observed. However, the volume of cannabis sold increased. Michigan retailers distributed 640,090 pounds of cannabis in April, compared to 520,470 pounds sold in March and 569,619 pounds in April last year. This increase in volume can be attributed to a drop in flower prices.
In April, the average retail price for an ounce of cannabis flower fell to $62.23, down from $65.14 in March and significantly lower than the $86.61 average in April 2023. As the regulated cannabis market in Michigan matures, price reduction is anticipated, compounded by the lack of restrictions on the number of licenses issued.
Although the number of active cannabis licenses in Michigan has stabilized over recent months, the state has seen a dramatic rise in cultivation permits, which increased by 964% from May 2020, when there were only 273 active licensees, to August 2024, when the number reached 2,904.
This expansion in cultivation permits reflects the growing market, but it also raises questions about future pricing and market stability as competition increases.
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