Michigan’s medical cannabis sales are collapsing. Two years ago the state’s medical cannabis sales totals were almost three times what they are today: Over $46 million in September 2020, versus $16.6 million last month.
That difference is almost entirely reflected in the average retail price of flower. According to the data from the state’s Cannabis Regulatory Agency, in 2020 the median ounce price was $295.03. Last month it was $109.63, about a third of the price two years ago.
This is a particular problem in the Mitten, since many municipalities, including Detroit, only allow dispensaries to sell medical cannabis and not adult use. Meanwhile, adult use dispensaries, which have also seen steep retail price drops, have been compensated with an explosion of sales volume. In September 2020 adult use shops sold $59.7 million of product. Last month they sold $195 million.