John SchroyerThe relatively new king of U.S. cannabis – the state of Michigan – saw marijuana sales essentially plateau from May to June, although sales did increase year-over-year by almost 7%.
Michigan marijuana dispensaries sold a total of $278.8 million in cannabis goods last month, according to analysis by New Cannabis Ventures, which is down from $279.6 million in May and up slightly from $278.5 million in April.
But overall sales were up 6.9% from June last year, when sales hit $260.7 million, according to data from the Michigan Cannabis Regulatory Agency. That’s the slowest annual growth rate in two years, New Cannabis Ventures found.
Medical marijuana sales have dropped precipitously since the recreational market came online. Adult-use cannabis has taken over the market, accounting for $277 million in sales for June, while medical cannabis sales were just $1.4 million.
Medical cannabis sales dropped 78.4% year-over-year, while recreational sales are up 9.1%.
Cannabis flower still dominates among product types, the CRA reported, with $123.4 million in recreational sales for June, compared to second-place vape cartridges, which accounted for $52 million of June’s adult-use sales.
But prices for flower – especially at the wholesale level – have been slipping, New Cannabis Ventures found, from more than $8,000 per pound for recreational flower in January 2020 to an average price of $1,384 per pound as of June, which is down 1.9% sequentially and down 3.1% year-over-year.
Michigan overtook California in March as the national leader in terms of the volume of legal cannabis products sold by dispensaries, with 22 million units of cannabis products sold that month compared to California’s 21.3 million units. But California, with its higher price points, kept the top overall sales spot. It’s not clear yet if that trend has changed since March, since the Michigan CRA doesn’t share units sold.
