Michigan’s Legal Cannabis Retail Market Breaks Records in March 2023, Despite Low Prices

1.4 min readPublished On: April 12th, 2023By

MICHIGAN– Michigan’s legal cannabis retail market is seeing explosive growth as it enters its fourth year of adult-use sales, with licensed dispensaries recording a record-breaking haul of $249.7 million in March. This figure marks a 46% increase in sales compared to the first quarter of 2022 and a 6% increase compared to the fourth quarter of last year. In total, Michigan retailers sold over $673 million worth of cannabis products in the first three months of 2023.

Despite offering some of the lowest retail prices in the country, with an average ounce of dried flower selling for $86.87 in March, demand has been driving sales. Flower made up the largest share of Michigan’s market, accounting for 49% of overall sales in March 2023, while vape cartridges represented 19%, concentrates accounted for 14%, and infused edibles made up 11%. To meet this demand, Michigan’s licensed cultivators harvested over 878,000 cannabis plants in the first three months of 2023, representing a 34% increase compared to the first quarter of 2022.

Michigan has 879 adult-use cultivation licenses as of March 31, 2023, with 126 of the state’s largest operators holding excess grower licenses to increase their scale. There are currently 656 active adult-use retail licenses, which is 178 more than a year ago. Each active retailer sold over $365,500 in adult-use cannabis products this March, representing significant growth from March 2022 when each active retail license accounted for roughly $253,500 in adult-use sales.

The Michigan Cannabis Regulatory Agency (CRA) reported that March’s sales figures blew away the previous record of $221.7 million from December 2022, making Michigan’s legal cannabis retail market the second-largest in the US, after California. Despite the meteoric rise in sales, Michigan’s prices remain low compared to other states, with an average flower price of $191 per ounce in March 2022 and $255 per ounce in March 2021.

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Newsteam at Highly Capitalized are some of the most experienced writers in cannabis and psychedelics business & finance. We cover capital markets, finance, branding, marketing and everything important in between. Most of all, we follow the money.

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