Although demand for adult-use cannabis soared throughout 2021 in Michigan, falling retail prices have left some business executives uncertain of their future in an increasingly competitive market. From flower, vapes, edibles, and a host of other products, Michigan dispensaries sold $124.6 million of adult-use cannabis in January 2022, representing an 84.8% increase from the $67.4 million sold in January 2021. But during that same one-year timeframe, the average retail flower price dipped from $323.68 to $152.74 per ounce at adult-use dispensaries, a 52.8% price decrease, according to Michigan’s Marijuana Regulatory Agency (MRA). The percent decrease for the medical flowers was nearly the same. The average retail price per ounce for medical flowers dipped from $252.04 in January 2021 to $119.64 in January 2022, representing a 52.5% decrease. Michigan was the eighth state to launch adult-use cannabis sales in the U.S. when licensed dispensaries began opening their doors to customers in December 2019. During that inaugural month of adult-use sales, the average retail price of flower was $516.21 per ounce, according to information from Metrc, the state’s seed-to-sale tracking provider.
Cannabis Business Times, 03/21/2022 14:46:00