The Michigan Marijuana Regulatory Agency (MRA) recently issued its Monthly Report for March 2021, providing sales, licensing, and production data for the state’s medical and adult-use cannabis markets. Overall, total adult-use and medical cannabis sales in Michigan in March amounted to almost $145.8 million, up by 37.8% compared to over $105.8 million in combined revenues in February. March’s combined legal cannabis sales represent a new record for Michigan’s market.
Michigan’s retail cannabis product pricing data reviewed below shows that average flower prices paid by consumers and patients dropped notably again in March, more so on the adult-use side of the market. Based on flowering plant counts as of the end of last month, supply should at least be steady, if not expanding, over the next couple months, which should help support the expanded sales levels seen in March.
March 2021 Michigan Adult-Use Cannabis Market Summary
Adult-Use Cannabis Sales (Retail) – Trailing 3 Months
Average daily sales in March continued the current run of expanding demand that began in December 2020. Retail revenues averaged over $3.14 million per day in Michigan’s adult-use system in March, up 31.4% from over $2.39 million in February.
The mean retail price of an ounce of flower in the state’s recreational sector has trended downward significantly during the last three months.
- January 2021: $323.69 ($5,179 per pound)
- February 2021: $267.20 ($4,275 per pound)
- March 2021: $254.91 ($4,079 per pound)
Flower sales volume and revenue figures for the trailing three months are shown in the table below.
Retail Flower Sales Volume & Revenue (Adult-Use) – Trailing 3 Months
The number of plants reared and harvested in the most recent three months are shown in the table below. Vegetative and flowering plant figures are as of month-end, while harvested plant figures encompass all those successfully brought in during the entire month.
Plants Cultivated by Licensed Growers (Adult-Use) – Trailing 3 Months
March 2021 Michigan Medical Cannabis Market Summary
A rolling tally of the most recent monthly sales made by medical cannabis dispensaries are shown in the table below.
Medical Cannabis Sales (Retail) – Trailing 3 Months
Similar to February, average daily sales in Michigan’s medical market show continued demand growth in March, albeit at a lower rate than on the recreational side. In March, medical dispensaries sold over $1.55 million per day, on average, up 14% from over $1.36 million in average daily sales in February.
The average retail price of an ounce of flower in Michigan’s medical cannabis system in the most recent three months are as follows:
- January 2021: $252.02 ($4,032 per pound)
- February 2021: $229.22 ($3,667 per pound)
- March 2021: $217.49 ($3,480 per pound)
Retail sales of flower in the medical market and month-over-month changes for the most recent three months are as follows:
Retail Flower Sales Volume & Revenue (Medical) – Trailing 3 Months
The number of plants being reared by licensed growers in Michigan’s medical cannabis market at the close of each of the trailing three months is shown in the table below. Vegetative and flowering plant figures are as of month-end, while harvested plant figures encompass all those successfully brought in during the entire month.