Michigan Cannabis Sales
Sep, 2024
Overview
Michigan's cannabis market has shown a unique trajectory compared to other states. As of September 2024, the average item price in Michigan has decreased to $10.70, a significant drop from $11.04 in August 2024 and $14.03 in September 2023. This reduction in price is accompanied by a decrease in total sales by 9.2% month-over-month, although there is a slight year-over-year sales decline of 2.4%. Despite these challenges, the total units sold have increased by 28.0% year-over-year, indicating a growing volume of transactions despite lower prices.
Sep, 2024
Sales
Year Over Year
Growth
Market Comparison
When comparing Michigan to other major markets like California and New York, Michigan's market size is smaller with total sales of $268.20 million in September 2024. However, Michigan's market is experiencing a higher volume growth rate, with a 28.0% increase in units sold year-over-year, outpacing California's 2.9% and New York's massive growth due to recent market changes. Pricing in Michigan remains one of the lowest, making it an attractive market for volume sales but challenging for revenue growth.
Michigan Weed Prices
Category Performance
For a detailed look, the Flower category in Michigan presents an interesting case. The segment sales within the Flower category show varying trends, particularly in the Sativa and Indica segments. The top brands in this category have been pivotal in driving sales, with brand performance influencing consumer preferences significantly.