Michigan Cannabis Sales

Oct, 2024

Cannabis Market Data

Overview

Michigan's cannabis market has shown a robust growth trajectory over the past two years, with total sales reaching approximately $263.3 million in October 2024. This represents a slight increase of 0.2% month-over-month and a significant 28.4% year-over-year growth, highlighting a strong upward trend despite minor fluctuations. The average item price in Michigan has seen a decrease from $13.62 in October 2023 to $10.63 in October 2024, suggesting a market adjustment that could be influencing consumer purchasing behaviors.

The market's resilience is evident from its recovery and growth patterns, especially notable during the post-pandemic period. The sales figures from November 2022 to October 2024 indicate periods of rapid growth such as a 15.4% increase in March 2023 and a steady climb back from a dip in early 2024. This suggests a dynamic market environment where consumer demand remains strong, supported by competitive pricing strategies.

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$263.27M

Oct, 2024

Sales

0.2 %

Year Over Year

Growth

Data Snapshot Oct 01, 2024

Market Comparison

When comparing Michigan to other states, it stands out for its lower average item price and higher unit sales growth. For instance, in October 2024, Michigan's average item price was one of the lowest at $10.63 compared to New York's $36.32. This pricing strategy might be driving the high volume of unit sales, which saw a 28.4% increase year-over-year.

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Michigan Weed Prices

Flower (Gram)

$15.19

4.20%

Flower (Eighth)

$15.50

4.20%

Edible (10mg)

$5.97

4.20%

Concentrate (Gram)

$11.86

4.20%

Top Strain

Runtz

| State | Avg. Item Price (Oct 2024) | Total Sales (Oct 2024) | YoY Sales Growth | |-------|-----------------------------|------------------------|------------------| | MI | $10.63 | $263.3M | 0.2% | | NY | $36.32 | $92.4M | 419.2% | | CA | $19.34 | $345.1M | -3.1% | | CO | $15.27 | $102.1M | -5.3% |

Data Snapshot Oct 01, 2024

Category Performance

Flower

120.37

-2.2

Pre-Roll

49.43

7.3

Vapor Pens

46.8

-0.6

Edible

27.09

-1.7

Concentrates

16.7

1.6

Beverage

1.28

33.3

Topical

1.13

14.1

Tincture & Sublingual

0.36

-16.3

Capsules

0.11

-42.1

Focusing on the Edibles category, it presents a varied performance landscape. In October 2024, the total sales for Edibles were approximately $27.1 million with a slight month-over-month growth of 1.6% and a year-over-year decrease of 1.7%. However, unit sales have increased by 35.8% year-over-year, indicating a growing consumer interest in this category. The average item price has decreased from $8.04 in October 2023 to $5.82 in October 2024, making it more accessible.

| Segment | Avg. Item Price (Oct 2024) | Total Sales (Oct 2024) | MoM Sales Growth | YoY Sales Growth | |---------|-----------------------------|------------------------|------------------|------------------| | Gummies | $5.81 | $22.3M | -0.3% | -2.5% | | Caramels, Chews, Taffy | $3.83 | $2.1M | 13.0% | 19.1% | | Chocolate | $9.58 | $1.9M | 13.3% | -0.5% | | Savory Edibles | $11.08 | $209K | 15.8% | 55.8% |

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Data Snapshot Nov 07, 2024

Top Cannabis Brands in Michigan

STIIIZY

Wyld

Jeeter

Ozone

Simply Herb

High Supply / Supply

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Market Trends

Product Category Market Share In Michigan

Monthly Cannabis Sales

Historical Cannabis Sales In Michigan

Michigan Cannabis Reports

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November 2, 2022

A deep dive of the Michigan cannabis market

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August 11, 2021

The Michigan cannabis market : A high-level overview

This report provides a high-level overview of the Michigan adult-use and medical cannabis markets, exploring various sales and market trends from this year.

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