Stabilization in flower prices and strong adult-use demand boosted Michigan cannabis revenue in August by 52% compared to a year ago to $165.6 million, down 3.2% from July:
The Michigan Marijuana Regulatory Agency breaks out sales by medical and adult-use, with medical sales falling 119.2% from a year ago to $40.1 million, down 6% sequentially, and adult-use sales increasing 112% to $125.5 million, down 2% 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 57% of the market, similar to July but down from 58% in the prior three months and up from 56% in January and February.
As supply continues to expand, flower pricing for adult-use has seen a dramatic decline. In August, the average price of $3765 per pound rose 8% from July, the second consecutive increase, and fell 41% from a year ago:
Michigan generated $985 million in cannabis sales in 2020, and the program should continue to expand this year as supply becomes more available and as distribution expands. So far in 2021, year-to-date combined sales are up 97% to $1.15 billion.
Based in Houston, Alan leverages his experience as founder of online community 420 Investor, the first and still largest due diligence platform focused on the publicly-traded stocks in the cannabis industry. With his extensive 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. Before shifting his focus to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst following over two decades in research and portfolio management. A prolific writer, with over 650 articles published since 2007 at Seeking Alpha, where he has 70,000 followers, Alan is a frequent speaker at industry conferences and a frequent source to the media, including the NY Times, the Wall Street Journal, Fox Business, and Bloomberg TV. Contact Alan: Twitter | Facebook | LinkedIn | Email