March Michigan Cannabis Sales Record $289 Million, 16 Percent Higher Than 2023

LANSING – Michigan’s cannabis sales in March soared to a monthly record $289 million, a 15.7 percent increase compared to March 2023’s total sales of $250 million.

According to Michigan’s Cannabis Regulatory Agency statistical report, the dynamics of adult and medical cannabis sales between March 2023 and 2024 underwent notable shifts. Adult-use cannabis sales leaped from approximately $239.9 to $286.8 million, a 19.6 percent yearly growth rate.

Conversely, medical cannabis sales experienced a drastic downturn, plunging from around $9.8 to $2.1 million, a decline of fall of 79.1 percent.

The remarkable growth in March is mainly attributed to the licensing of 31 new dispensaries earlier in the year, according to Crain’s Detroit, enhancing consumer access. This expansion, along with fewer than 10 percent of communities permitting sales suggests untapped potential for further growth. Despite predictions of market saturation, the continued increase in sales indicates the market has not yet reached its peak.

Projected to surpass last year’s total of $3.1 billion, Michigan’s cannabis industry is on an upward trajectory, with expected sales exceeding $3.1 billion this year. In contrast, established markets like Colorado and Washington are experiencing a downturn, highlighting Michigan’s robust growth amid a national trend of slowing sales.

Benzinga contributed to this report.