Michigan cannabis sales are plummeting.
The state’s medical and recreational sales of $251.3 million were down 11.3% in September compared to the previous month, according to the Michigan Cannabis Regulatory Agency.
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That’s the largest monthly change in sales since a 13.25% decline from December 2023 to January 2024.
Medical sales in Michigan plunged 60.6% to $403,124 compared to last September, and adult-use sales declined 5.6% to $250.9 million.
But prices for marijuana flower rose 2.2% to $63.16 in September compared to $61.79 in August.
The drop in sales comes after Michigan imposed a 24% tax on wholesale marijuana as part of the $84 billion state budget Gov. Gretchen Whitmer signed into law last week.
The tax is expected to generate $420 million
Read full article on Marijuana Business Daily
