Michigan cannabis sales down at close of 2024

Michigan’s marijuana shops sold just $265.5 million for the month of December, the latest in a multimonth decline for the longstanding Midwest cannabis market.

The figure includes $264.6 million in recreational sales and another $815,759 in medical sales, according to statistics from the state Cannabis Regulatory Agency.

The numbers are down from $276.3 million sold in November, and from the $268.5 million sold in October. The market hit a record high in August, with $295.4 million in sales, before starting to slide in September.

The December figures are also down significantly year-over-year, from $279.8 million in December 2023, when Michigan dispensaries sold $3.1 million in medical marijuana and another $276.7 million in recreational products.

Flower remained the top-selling product category, with $113.2 million in recreational sales and $265,823 in medical sales. Vape cartridges came in a strong second, with $49.5 million in recreational sales and $277,459 in medical sales.

As of Dec. 31, Michigan was home to 2,256 active cannabis companies, including 1,021 growers, 848 retailers and 279 processors, along with scores of other license types such as transporters, event organizers and more.

That’s an increase from a year ago, when the state had 2,170 total licensed companies.

The increase in the number of companies, combined with price compression, oversupply and several other headwinds facing the national marijuana trade, has some stakeholders expecting significant contraction in Michigan this coming year. The average price for cannabis flower is down 23% and two big-name growers have already announced the closure of their facilities, Crain’s Detroit reported recently.