Michigan on Pace to Become $3-Billion Cannabis Market in 2023

[KLAW Blog]

Michigan’s cannabis market is thriving, with licensed dispensaries reporting record-breaking sales of $276.7 million in July 2023. This surpassed the previous record set in June and contributed to a total of $1.7 billion in cannabis sales for the first seven months of the year, a 37% increase compared to the same period in 2022. Michigan is on track to reach $2.9 billion in sales this year, potentially making it the second-largest cannabis market in the US, after California.

Despite selling less flower in July, higher prices resulted in increased revenue. Flower accounted for 46.5% of adult-use sales, followed by vape cartridges (19%), concentrates (14.7%), and infused edibles (10%). While the average price for flower decreased compared to the previous year, selling more cannabis has helped combat price compression in the industry. Michigan’s demand for cannabis is the highest among adult-use states, with an average monthly spend of $23.42 per capita.

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  Michigan on Pace to Become $3-Billion Cannabis Market in 2023

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