Michigan marijuana sales likely to surpass $3 billion, helped by record-breaking July – Medical Marijuana Program Connection

LANSING, MI — It seemed far-fetched when analysts in March 2020 projected the fledgling Michigan marijuana industry could eclipse $3 billion in annual sales within a matter of a few short years.

When the bold prediction was published, monthly recreational sales were just $22 million. At that rate, it would have taken more than eleven years to reach $3 billion.

Yet, here we are.

With a record-breaking July that saw $276 million in total marijuana sales, $8.9 million per day and $270 million of that total from recreational sales, the industry is on pace to sell $3.3 billion in marijuana flower, pre-rolls, edibles, vaping cartridges, concentrates and other products over the next 12 months. Michigan recorded $2.3 billion in sales during 2022.

Based on current monthly sales averages in 2023, the market would reap just under $3 billion by year’s end; however, escalating monthly sales and price trends, with the expected addition of 30 more retail shops in Detroit, indicate the final figure is likely to exceed that amount.

California has the largest cannabis market in the U.S., chalking up $5.3 billion in 2022 sales; however, Michigan has much higher sales, per capita.

California sales equated $135 per resident in 2022, compared to $229 in Michigan.

The early success of the market in Michigan is due, in part, to the way regulators set up the market with an unlimited number of available licenses, lower taxes than most other states and fewer rules that keep away entrepreneurs, some…