Michigan Cannabis Flower Dives to $122 Per Ounce, An All-Time Low

Michigan Cannabis Flower Dives to 2 Per Ounce, An All-Time Low

<![CDATA[Michigan’s cannabis retailers recorded more than $497 million in adult-use sales during the second quarter of 2022, easily the highest-performing quarter on record since the recreational market launched in December 2019. That figure represents a 32.7% quarter-over-quarter increase from first three months of the year. In particular, April was a record retail month with nearly $168 million in adult-use sales, according to monthly reports from Michigan’s Cannabis Regulatory Agency. By comparison, adult-use sales averaged just more than $109 million per month in 2021. But Michigan’s upward trend in overall sales has come despite falling prices for the average flower ounce. In June 2022, the state’s average retail flower price dipped to $122.43 per ounce for adult-use cannabis—an all-time low. That’s an $87 dive (a 42% decrease) from what the average ounce of adult-use flower commanded in the same month of last year. Going back even further, Michigan’s average adult-use retail flower price was $512.05 per ounce in January 2020, when the state’s recreational market was just getting going. By January 2021, it was $323.68 per ounce. But Michigan’s adult-use dispensary operators have continued to report growing sales figures in large thanks to increased customer demand for flower, among other product categories. In June 2022, licensed retailers sold more than 41,540 pounds of adult-use flower, a 153% increase from the 16,437 pounds sold in June 2021. Adult-use flower provided more than $81 million in adult-use sales last month. Other product types have also experienced similar trends. Vape cartridges, which represent the second-high sales figure in Michigan each month, experienced a 178% increase in volume sold from June 2021 to June 2022. That product netted more than $35 million in sales last month. Meanwhile, Michigan retailers sold more than 179,000 pounds of infused edibles in June 2022, a 91% increase from June…

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Source : Michigan Cannabis Flower Dives to 2 Per Ounce, An All-Time Low

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