The bottom has yet to arrive for flower prices in Michigan’s adult-use cannabis retail market, while consumer demand has yet to hit its peak.

The average retail price for an ounce of adult-use flower hit another all-time low at $95.12 per ounce in November, according to data from the state’s Cannabis Regulatory Agency (CRA). That’s a 50% decrease from the average retail price of $191 last November.

Two years ago, in November 2020, licensed adult-use dispensaries were commanding $376 per ounce on average, per CRA.

Despite the falling flower prices, adult-use licensees have continued to record monster hauls in recent months thanks to increasing demand. Michigan retailers sold nearly $190 million in adult-use cannabis products in November 2022—just shy of September’s all-time high of $195 million in sales.

Overall, adult-use shoppers purchased a record 59,752 pounds of cannabis flower last month in Michigan, representing a 219% increase from November 2021.

Flower sales represented roughly 48% of the adult-use market last month, while vape cartridges (20%), concentrates (12%), infused edibles (11%) and shake/trim (8%) represented the other major product types contributing to the overall sales figure.

But supply was as high as it’s ever been as of Nov. 30. According to CRA’s inventory records, there were more than 98,500 pounds of flower at growers, 76,400 pounds at retailers, 119,900 pounds at processors and 178,200 pounds of fresh frozen flower at processors. Combined, the roughly 473,000 pounds of flower is enough to supply the market for roughly eight months based on current demand.

With November figures in the books, Michigan is officially a $2 billion cannabis market with combined adult-use and medical sales now at $2,072,086,475.09 for the year, representing a 27.5% increased compared to the first 11 months of 2021.

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