Michigan Cannabis Sales Break Another Record In July, Likely To Top $3B In 2023
The growth has come exclusively from adult-use recreational marijuana sales
Michigan’s marijuana market continues its ascent, breaking another sales record in July.
The industry sold roughly $276.75 million worth of adult-use recreational and medical marijuana products last month, a 33.5% increase over January’s sales. If sales continue at this pace, they will top $3 billion in 2023.
The growth has come exclusively from adult-use recreational marijuana sales, which are up 38% since January, compared to declining medical marijuana sales, down nearly 46% for the year through July. Adult-use prices are cheaper than medical marijuana by nearly $3.38 per ounce, which means people with a medical marijuana card are more likely to just buy recreational weed.
It’s a far cry from the price collapses the industry has been facing for the last two years.
Adult-use recreational marijuana prices have recovered to $98.65 per ounce of flower in July, a 23% rise since January. However, prices remain low compared to the early days of the adult-use regulated market when prices topped $500 per ounce.
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