fbpx
QQQ
+ 2.88
314.01
+ 0.91%
DIA
+ 4.39
331.80
+ 1.31%
SPY
+ 4.77
400.94
+ 1.18%
TLT
+ 0.54
135.06
+ 0.4%
GLD
+ 0.58
169.86
+ 0.34%

Early Adult-Use Cannabis Sales In Michigan Fall Short Of Market's True Potential

March 31, 2020 11:42 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Early Adult-Use Cannabis Sales In Michigan Fall Short Of Market's True Potential

Recreational cannabis sales in Michigan generated $31 million in the first three months, according to data compiled by the Michigan Department of Licensing and Regulatory Affairs.

While the state is still figuring out ways to operate the burgeoning market more efficiently, these early sales could be just a “fraction of their potential,” according to Marijuana Business Daily estimates.

Michigan’s adult-use market could reach $1.4 billion to $1.7 billion in annual sales once it is fully developed, the publication said. 

Michigan has already faced various challenges within the recreational market, including lack of flower supply, which spiked the state’s wholesale flower prices.

On the other hand, retail prices on adult-use flower fell around 2% from a December average, likely due to increased production, which was up by 1,600% from 502 flowering plants in December to 8,573 at the end of February.

Around 50% of adult-use sales in the first three months were flower, 25% were vape cartridges and 15% were concentrates, according to the data.

While more than 80% of initial sales were of smokable products, it should be noted that came prior to the harsh impact of the COVID-19 pandemic on the U.S., which could shift consumer preferences toward edibles. 

 


Related Articles

Cannabis M&A Activity At All-Time Highs With Little Signs Of Slowing Down

Cannabis industry M&A activity continues to boom in 2021. Financial tech firm Refinitiv reported a 94% surge in M&A during Q1 2020. read more

Louisiana House Drops Jail Time For Possession Of Up To 14 Grams Of Cannabis

Louisiana House of Representative approved a cannabis-related legislative bill Tuesday night in a 67 to 25 vote, which should remove jail time for low-level cannabis possession offenses, reported NORML read more

Video: Benzinga Cannabis Insider 5/11 Ft. Aleafia CEO Geoffrey Benic Talking Earnings, Europe, And More

Benzinga’s Cannabis Insider is a live daily show for cannabis investors. read more

Cannabis Countdown: Top 10 Marijuana And Psychedelic Stock News Stories Of The Week

Welcome to the Cannabis Countdown, the Legal Marijuana Industry’s Number One Curated Weekly News Recap. In This Week’s Edition, We Recap and Countdown the Top 10 Cannabis and Psychedelic Stock News Stories for the Week of May 3rd – 9th, 2021. read more