Michigan Cannabis Sales Increase Seven Percent in January – Culture Magazine

Michigan Cannabis Sales Increase Seven Percent in January

Michigan started the new year by seeing increased cannabis sales for the month of January. Sales increased 7.2 percent over December, reaching $108.5 million in statewide sales. Sales were up 210 percent over January 2020.

January set a new record high in total adult-use cannabis sales, reaching $67.4 million in the state. The previous high mark was set in December with $61.5 million in adult-use sales.

Flower and trim products still make up a majority of the market, totaling 56 percent of the sales for the month of January, up from 55 percent last month. Vape products are the second highest sold product in terms of sales. Price per pound has continued to drop, with the average price in January being $5,179 per pound, down eight percent from December and 37 percent from last year.

Last year, total cannabis sales in Michigan fell just short of $1 billion, reaching $984 million. Adult-use cannabis made up more than half of the sales, with the state totaling over $510 million in sales. Medical cannabis sales made up the remaining $474 million. Michigan sold over $18 million in adult-use cannabis in the first two months of recreational sales.

According to a new Leafly study, cannabis jobs have been steadily rising across the country, and Michigan is seeing the same effects with its cannabis industry. Michigan added over 9,000 jobs in the cannabis industry, good for third across the nation and coming in behind California and Florida.“We’re proud of the cannabis industry as a bright spot for so many after a difficult 2020. The essential cannabis industry is our nation’s unseen and unrecognized economic engine, creating good, full-time jobs that have helped to keep people and local economies afloat,” Leafly CEO Yoko Miyashita said.

CULTURE Magazine

Published: 2021-02-24 07:00:00

Original Article link here

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