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Michigan Eclipses $10 Billion in Adult-Use Cannabis Sales

The Great Lakes State finished 2024 with another record-breaking year, as the average retail price for flower dipped below $70 per ounce.

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Michigan’s adult-use cannabis operators concluded 2024 with yet another record-breaking mark for retail sales, but the nation’s second-largest market is finally showing signs of maturity.

The state’s licensed retailers recorded $3.27 billion in adult-use cannabis sales last year, eclipsing the $3-billion mark for the first time, according to the Michigan Cannabis Regulatory Agency (CRA). That represents a 9.9% increase from the $2.98 billion in adult-use sales from 2023.

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In addition, the $264.7 million in adult-use sales from December 2024 pushes the state’s cumulative market total to more than $10.2 billion since sales for those 21 years and older launched five years ago in December 2019, according to the CRA.

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Only California, Colorado and Washington have crossed that cumulative threshold.

California is the largest market in the nation with $4.4 billion in adult-use sales forecasted for 2024—once December totals are tabulated—according to the state’s Department of Cannabis Control. Meanwhile, Colorado and Washington are the oldest adult-use markets in the nation, each launching sales in 2014.

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Amid another record performance, year-over-year growth for Michigan’s adult-use retail market is slowing down. The state’s 9.9% sales increase comes after 46% growth in 2023 and a 55% increase in 2022, according to the CRA.

The slowing year-over-year growth rate is mostly due to falling prices on dispensary shelves. Michigan closed out 2024 with average adult-use flower prices dipping to $69.20 per ounce at retail in December, an all-time low, according to the CRA.

RELATED: How Much Does an Ounce of Cannabis Flower Cost Entering 2025?

The state’s $82.50 average flower price for all of 2024 represents a 10.3% decrease from 2023’s average of $92 per ounce and a 35% decrease from 2022’s average of $128 per ounce.

But Michigan’s licensed dispensaries rung up record figures this past year thanks to the number of products sold, as demand was at an all-time high in 2024 even as neighboring Ohio launched its adult-use market in August 2024.

Overall, Michigan retailers sold more than 1.1 million pounds of adult-use cannabis flower in 2024, representing a 17% increase from the 947,300 pounds sold in 2023 and a 112% increase from the 522,800 pounds sold in 2022.

One notable to Michigan’s maturing market: 2024 was the first time in the state’s five-year history that retailers did not set a record in December sales figures. The $264.7 million in adult-use sales last month was actually below the state’s monthly average of $272.7 million for 2024, according to CRA. It was also below the $276.7 million sold in December 2023.

Michigan’s September and December 2024 adult-use sales figures were below the corresponding months from the previous year—a program first.

Still, the 102,317 pounds of adult-use flower sold in December 2024 was only slightly below an all-time high of 103,129 pounds sold the previous month.

Michigan’s best sales month on record came in August 2024, when retailers rang up more than $294.1 million in adult-use sales.

The success of Michigan’s adult-use market has come at the expense of its medical market, which finished 2024 with nearly $18 million in overall sales, representing 0.55% of the overall market, according to the CRA.

At its height, Michigan’s medical market accounted for more than $481 million in sales in 2021, before falling 96% in the three years since.

This decline can be attributed to adult-use pricing catching up with the medical market over the years. The state’s average adult-use flower price of $69.20 per ounce in December was $18 cheaper than that for medical cannabis flower.

When Michigan first launched adult-use sales five years ago, the average price per ounce for adult-use flower was $419 in 2020, according to the CRA.

Overall, Michigan’s dispensaries sold $3.29 billion in combined adult-use and medical cannabis in 2024, representing a 7.6% increase from the previous year, according to the CRA.

Since the December 2019 launch, Michigan retailers have sold more than $11.5 billion in adult-use and medical cannabis products.

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