Michigan Wholesale Cannabis Prices Drop as Supply Increases
Our friends over at Cannabis Benchmarks posted a great article today looking at the Michigan Marijuana Regulatory Agency’s (MRA) report detailing cannabis sales, licensing and production data for the state’s medical and adult use markets.
Cannabis Benchmarks does a great job of parsing out the data in easy-to-consume chunks. Here are few highlights:
– Average daily sales fell to $4 million in January from $4.4 million in December 2021 but are up 46% year-on-year from $2.2 million in January 2021.
– Retail flower sales volume jumped 15.6% in January 2022, after rising 15% in December 2021, even as sales revenue fell by 5.5%
– Vegetative plant count fell 4.3% month-on-month in January and flowering plant count rose by 7.4%.
And, here’s the beginning of their article:
Adult use sales have fallen in two of the past three months, likely due in part to cratering Michigan cannabis prices and exacerbated in the past month by post-holiday demand slippage. Michigan has no state-level license cap, saw the first significant outdoor crop hit the market beginning in Q4 last year, and has seen aggressive price-cutting by newly licensed growers, all of which are weighing on price and monthly sales figures. Read more.
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