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Total cannabis sales revenue in Michigan topped off at $295.4 million in August, up from a previous record-breaking July when sales reached $276 million.
The sum includes over $294.1 million in recreational sales and nearly $1.3 million in medical marijuana sales, reported Cannabis Business Times citing new data released Sept. 11 by the state's Cannabis Regulatory Agency (CRA).
That amount is up by $6.6 million to a sales record in March, which was a month with five Fridays and five Saturdays.
Recreational flower sales accounted for 44% of retail revenue, followed by concentrates (19.6%), vape cartridges (18.5%) and infused edibles (9%). On the other hand, medical marijuana sales collapsed from an April 2021 peak of $48 million to $1.3 million sold in July.
Read Also: Ohio’s Sales Surge Might Cast Trouble For Michigan’s Cannabis Market: Here’s Why
Meanwhile, Michigan’s cannabis industry hit a milestone in 2023, with licensed dispensaries recording $3.06 billion in sales, a 25% increase from the previous year. Projections are that Michigan could pull in over $3.32 billion in total weed sales in 2024, up 8.6% year-over-year. For comparison's sake, California, with four times Michigan's population is expected to hit the $4.75 billion mark in total sales for 2024.
That said, the fact that Michigan’s legal cannabis market outpaced California in unit sales, with Michigan selling 22 million cannabis products in March compared to California’s 21.3 million, comes as no surprise.
Some of the notable public companies that operate in Michigan’s thriving market are Ascend Wellness Holdings, Inc. (CSE:AAWH) (OTCQX:AAWH), Grown Rogue International Inc. (CSE:GRIN) (OTC:GRUSF), TerrAscend Corp. (OTC:TSNDF) and Red White & Bloom Brands Inc. (CSE:RWB), to name a few.
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