As tens of thousands of pounds of adult-use cannabis continue to fly off the shelves at Michigan dispensaries, the state set another record with more than $195 million in sales for September.
Through the first three quarters of 2022, adult-use retailers have sold $1.45 billion worth of cannabis, representing a whopping 56% increase compared to the same nine-month period from last year, according to the Michigan Cannabis Regulatory Agency’s (CRA) monthly reports.
Since the state first launched its expanded market in December 2019, adult-use customers have spent nearly $3.3 billion at licensed retailers.
The overall sales increases are a result of continued demand growth, which reached a record 53,758 pounds of adult-use flower sold in September, a 9.7% increase from the previous month. In other product categories, vape cartridges (12.7%) and edibles (3.9%) also experienced month-over-month growth.
Meanwhile, the average price per ounce for dried flower at adult-use retail dipped for the 13th consecutive month, falling to $109.88 in September, which mirrors the average ounce of medical flower at $109.63 for the month.
That price downtrend continued as small-scale operators in the state plead their case for a licensing moratorium with CRA officials last month, despite that power residing in the hands of state legislators.
Regarding state inventory, the overall supply for adult-use cannabis flower dipped for the fourth consecutive month to 304,200 pounds. That overall supply includes roughly 57,450 pounds at cultivation (tested), 66,150 pounds at retail, 94,000 pounds at processors and 86,600 pounds of fresh frozen flower at processors.
Based on demand from September, that inventory represents roughly a six-month supply.