Despite declining prices, Michigan’s total cannabis sales volumes continued to rocket up this summer, while other Midwest states and New England states’ sales totals generally stayed flat during the summer months.
Michigan and Massachusetts, both unlimited license states, have been experiencing declining retail prices, as more cultivation capacity has come online in 2022 – although Michigan prices have declined significantly more in the last seven months, to an average retail price of $1,945 for flower in July. New growers and existing growers have added canopy in both states, trying to take advantage of rapidly increasing demand for legal weed.
Illinois, a limited license state, that hasn’t added a new operating dispensary location since April 2020, has yet to punch above last December’s high of $173 million in sales. While retail prices in Illinois have stayed about the same over the last six months, sales volumes have stayed about the same during that time.
Looking forward to this fall, Michigan’s reports of the number of vegetative plants in the ground suggests 2021 is going to bring an even more intense croptober than last year. Although 2021’s plant total was triple of 2020’s, this year is on pace to be double of 2021, which may push prices down even more. This summer has brought a wave of layoffs and dispensary closings across Michigan, as stores with high operating costs have had to buckle down or face bankruptcy.