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Michigan Cannabis Sales
Apr, 2024
Overview
Michigan's cannabis market has exhibited a robust growth trajectory, with total sales reaching $281.56 million in April 2024, marking a 14.4% year-over-year increase. Despite a slight month-over-month sales decline of 2.5%, the market has expanded significantly, with unit sales surging by 48.1% compared to the previous year. This growth is underpinned by a decrease in average item prices, from $14.99 in April 2023 to $11.58 in April 2024, suggesting that consumers are responding positively to more affordable options.
The pricing dynamics within Michigan's market reflect a broader trend of commoditization as the industry matures. With the average item price consistently trending downward, the market has become more accessible to a wider consumer base, driving unit sales and fostering market expansion. This price sensitivity among consumers underscores the importance of competitive pricing strategies for brands looking to capture and retain market share in this evolving landscape.
Apr, 2024
Sales
Year Over Year
Growth
Market Comparison
When comparing Michigan's market to other states, it's evident that MI is a significant player. For instance, MI's total sales in April 2024 outpaced those of Colorado ($103.82 million) and Oregon ($83.30 million), while trailing behind California ($358.69 million). Michigan's year-over-year growth rate of 14.4% is also noteworthy, especially when compared to the negative growth rates observed in mature markets like Colorado (-9.6%) and Nevada (-14.7%).
The average item price in Michigan is among the lowest, which could be a contributing factor to its substantial unit growth rate. This positions Michigan as a competitive market with potential for further expansion, especially for value-oriented products.
Michigan Weed Prices
Category Performance
One category that stands out for its divergent trend is Pre-Rolls, particularly the Connoisseur / Infused segment. This segment has seen a remarkable year-over-year sales growth of 96.8% and an even more impressive unit growth of 250.0%. The average item price in April 2024 for this segment was $9.03, indicating a significant drop from the previous year's average, which aligns with the overall market trend of decreasing prices.
Top brands in this segment include Jeeter, Cali-Blaze, and STIIIZY, with Jeeter leading in total sales at $5.01 million for April 2024. These brands have successfully capitalized on the growing demand for premium and infused pre-roll products, as evidenced by their sales figures and SKU counts.
Top Cannabis Brands in Michigan
Product Category Market Share In Michigan
Historical Cannabis Sales In Michigan
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The Michigan cannabis market : A high-level overview
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