Photo: Visual Stories Michelle
The Michigan Marijuana Regulatory Agency (MRA) released July 2021 cannabis market data recently. Sales numbers show a turn-around in recent declines. Total combined sales, including medical and adult-use, reached $171,070,641 in July, a 13.8% jump from the June figure.
Most of the month-on-month gains were in the adult use market, which saw a 17.8% jump in sales from June to July. Flower sales were up $8.4 million or 14.2% month-on-month, vape sales were up $5.38 million or 22.7%, and edibles jumped $3.2 million. Gains were recorded across all product categories, suggesting a general ramping up of demand.
June medical cannabis retail sales increased by just 2.6% to $42,744,658. As in other states, it appears medical cannabis sales will stabilize somewhat, while the adult-use side will continue to see stronger growth.
Given the uptick in demand, prices may continue higher this summer. MRA data from the adult-use market shows retailers sold 18,235 pounds of flower in July, while holding almost 22,300 pounds in inventory at the end of the month. Adult-use cultivators were also holding 17,860 pounds of flower that had passed the state’s required testing in inventory as of July 31. Overall, roughly two months’ worth of marketable supply in inventory at current demand levels does not represent a long runway, especially in a growing market.
Both retail and wholesale prices rose in Michigan’s market in July. According to MRA data, the average retail flower price in the adult-use market was $217.94 per ounce in July versus $209.82 in June. Medical ounce prices were up as well, increasing $4.02 in July to $213.89.
The Cannabis Benchmarks Michigan Spot Index saw monthly average volume-weighted price per pound rise by 5.6% from June to July.