Michigan's November Cannabis Sales Jump 33% Over Last Year

Cannabis jobs grew 68% over last year.

Despite challenges in the cannabis industry, the state of Michigan reported that its November sales jumped by 33.2% over last year to $203.4 million. The Michigan Marijuana Regulatory Agency reports cannabis sales on a monthly basis and separates the data by medical and adult use. Medical cannabis sales continue to plunge in the state as November only saw $13.6 million in sales. This was a drop of 57.5% over last year and a sequential drop from October by 9.9%. It should be noted that November had one less day than October.

Michigan’s adult-use sales jumped 57.2% to $189.8 million over last year. However, sales did fall by 2.3% from October and that could be due to one less day in the month. The average price for flower per ounce was $95.12 versus last year’s $190.71 – a dramatic drop in price.

There are 28,394 employees as of November 2022 versus 16,824 in November 2021. This is a 68% increase making that the fastest category of job growth in the state. Despite the successes of many Michigan cannabis businesses, 1,377 municipalities have opted out of the program.

Adult Use Sales

Flower continues to be the form factor of choice leading the board with $90 million in sales for November. Vape cartridges come in second at $38 million followed by edibles at $21 million.

Licenses

The state also noted that it has issued another 125 licenses in the month and has received 110 applications. 82 licenses were renewed in the month. As of November, the state said it has 1,848 active licenses. Application fees delivered $120,900 to the state and renewal fees brought in another $2 million.

Social Equity

Only four adult-use social equity applications were received in the month, while five social equity licenses were issued during the month. Five adult-use renewal applications were received during the month and seven were renewed during the month. The report stated that a total of 16 social equity applications were received during the month and 13 were deemed eligible.

Two social equity and outreach programs were held during the month and the organization provided application assistance four times during the month.

Debra Borchardt

Debra Borchardt is the Co-Founder, and Executive Editor of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Master's degree in Business Journalism from New York University.


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