Michigan’s Adult-Use Cannabis Sales Skyrocketed by 21% Compared to Last Year
While many states cannabis markets have slowed or shrunk in recent years, Michigan’s cannabis market continues to expand during its fifth year of adult-use sales.
Michigan’s licensed cannabis retailers reported nearly $1.1 billion in adult-use transactions in the first four months of 2024, a 21% increase from the $880 million spent in the same period in 2023, according to the state’s Cannabis Regulatory Agency (CRA).
Michigan’s licensed cannabis retailers reported nearly $1.1 billion in adult-use transactions in the first four months of 2024, a 21% increase from the $880 million spent in the same period in 2023, according to the CRA.
Conversely, Michigan’s medical cannabis market has declined significantly, with sales dropping to $8.6 million in the first four months of 2024, a 78% decrease from nearly $39 million during the same period in 2023. This decline is attributed to adult-use retail prices aligning with medical cannabis prices.
In March 2024, Michigan’s cannabis market achieved a record $288.8 million in sales, bolstered by five Fridays and five Saturdays in the month. With two more such months this year—August and November—Michigan’s cannabis retailers are on track to surpass $3.2 billion in sales for 2024, potentially exceeding $3.5 billion based on historical trends.
On the supply side, Michigan had a 40.5% increase in adult-use cannabis flower inventory in April 2024 compared to April 2023, totaling about 200,000 pounds. The state has 1,044 active adult-use grower licenses and 793 adult-use retailer licenses as of April 30, 2024, up from 1,024 grower and 662 retailer licenses a year earlier.
As Michigan’s cannabis market continues to grow, the state remains a significant player in the national cannabis industry, second only to California.
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