Michigan’s legal cannabis dispensaries sold over $278 million worth of products in June 2024, up slightly from $274 million the previous month. According to original reporting by New Cannabis Ventures, June’s sales totals “were up 6.9% from a year earlier.”
“The Michigan Cannabis Regulatory Agency breaks out sales by medical and adult-use, with medical sales falling 78.4% from a year ago to $1.4 million, down 10.7% sequentially, and adult-use sales expanding 9.1% year-over-year to $277.4 million, down 0.2% sequentially.” New Cannabis Ventures also reported.
Many residents of Ohio have crossed the border into Michigan to make cannabis purchases, and once legal adult-use sales begin in Ohio, it will create a tectonic shift for the legal industries in both states.
“Tim Johnson, a longtime Ohio lobbyist and marijuana industry consultant, estimates Ohioans spent more than $700 million at Michigan marijuana stores last year.” reported MJBizDaily. In March 2024, Michigan’s legal cannabis industry sold more products than California’s legal cannabis industry. Michigan legalized cannabis for adult use in 2018, after having already legalized medical cannabis years prior (2008).
According to a recent report by cannabis jobs platform Vangst and Whitney Economics, as of March 2024 Michigan’s legal cannabis industry supported 46,746 full-time equivalent positions. However, it is worth noting that the Michigan Cannabis Regulatory Agency reported that as of March 2024, the state’s cannabis industry directly employed 35,688. Detroit is estimated to support 11,341 jobs alone.
Michigan is home to an estimated (roughly) 800 cannabis dispensaries. The average reported price for an ounce of cannabis flower in Michigan is currently $90.