Michigan Cannabis Sales Hit Record $295.4 Million in August

LOS ANGELES- Michigan’s cannabis industry set a new monthly sales record in August, with licensed dispensaries generating $295.4 million in revenue, according to the state’s Cannabis Regulatory Agency (CRA). This figure includes $294.1 million from adult-use sales and nearly $1.3 million from medical cannabis. The record surpasses the previous high of $288.8 million set in March 2024.

The August figures mark the third consecutive month of rising sales in Michigan, positioning the state to exceed $3.3 billion in total cannabis sales for 2024. The state’s retail market has seen a steady expansion, with the volume of adult-use flower sold reaching over 100,000 pounds in August.

Michigan’s cannabis market is now closing in on California’s, with Michigan dispensaries selling an average of $330 per capita annually, compared to California’s $120 per capita. Michigan’s competitive advantage includes a higher number of dispensaries per capita and lower tax rates, making legal cannabis more accessible and affordable than in California.

As Michigan continues to grow, California’s market faces challenges, including higher taxes and limited access to dispensaries, with 57% of local governments prohibiting retail cannabis businesses. These factors have led to a decline in California’s cannabis sales, which are expected to reach $4.75 billion in 2024, down from a peak of $5.35 billion in 2021.

Since launching adult-use sales in 2019, Michigan’s dispensaries have sold over $10.3 billion worth of cannabis products, positioning the state as a significant player in the U.S. cannabis market.