Michigan's cannabis market has demonstrated a notable growth trajectory over the past two years. From February 2022 to January 2024, total sales have increased from approximately $154.8 million to $242.4 million, with a peak in December 2023 at nearly $279.9 million. This growth reflects a robust year-over-year increase, with January 2024 showing a 16.9% rise compared to the same month in the previous year. Despite a slight month-over-month decline in January 2024, the overall trend indicates a consistent expansion of the market. Average item prices in Michigan have seen a decrease, from $15.27 in January 2023 to $12.22 in January 2024, suggesting that consumers are benefiting from more competitive pricing.
Year Over Year
When comparing Michigan to other states, it's evident that Michigan's market is one of the largest in terms of sales, with January 2024 sales surpassing those of states like Colorado and Massachusetts. Michigan's average item price is among the lowest, which could be a factor in the high volume of units sold (over 19.8 million in January 2024). The year-over-year growth rate in Michigan is competitive, with states like California showing a higher volume but a less significant growth rate.