Category: Cannabis Info-2

LANSING – Michigan Cannabis Sales Rebound After 3-Month Decline.

The Cannabis Regulatory Agency (CRA) has released November 2024 cannabis sales figures, which exceeded expert predictions. The state reported total sales of $276.4 million, marking a 6.1% year-over-year increase and a 2.9% rise from October. This marks the first increase in sales since August, when the total reached $295.41 million.

Medical marijuana sales were notably low, generating less than $900,000 for the month.

1. Michigan’s Total Cannabis Revenue Nears $10 Billion

Since Michigan legalized adult-use cannabis, total sales have reached an impressive $9,952,493,286 as of November 30, 2024. The state’s cannabis industry continues to grow, with average daily sales reaching $9,182,620 in November.

2. Cannabis Flower Pricing Sees Significant Decline

As supply continues to increase, cannabis flower prices have dropped significantly. In November, the average price per pound was $1,150, representing:

• A 2.9% decrease from October
• A 26.3% decline year-over-year

This decline reflects a highly competitive and expanding market in Michigan.

3. Top-Selling Cannabis Products in Michigan (November 2024)

The best-selling cannabis products for the month were:

• Flower – $118.4 million
• Vape Cartridges – $51.9 million
• Inhalable Compounds – $41.5 million
• Infused Edibles – $25 million
• Shake/Trim – $21.6 million

4. Expert Predictions vs. Actual Sales Figures

Industry analysts had anticipated a modest increase in sales for November:

• Headset predicted sales would rise to $266.8 million (up from $262.9 million in October).
• New Cannabis Ventures estimated a slightly higher $270.1 million.
• However, the CRA’s final report confirmed total sales of $276.4 million, surpassing expectations.

5. Competitive Pricing Drives Market Growth

According to Headset, the growth in sales is largely driven by lower product prices. The average item price fell from $10.38 in October to $10.05 in November, making cannabis products more accessible to a broader consumer base.

Conclusion:

Despite months of decline, Michigan’s cannabis market rebounded in November, surpassing industry expectations. With lower prices, increasing supply, and strong consumer demand, the market is positioned for continued growth heading into 2025.

For more updates on Michigan dispensaries or cannabis sales trends, stay tuned at mitechnews.com.

FAQs:

Can you go into a dispensary without a card in Michigan?

Yes, you can enter a recreational cannabis dispensary in Michigan without a medical card as long as you are 21 or older and have a valid ID. However, a medical card is required for purchasing medical marijuana products.

What is Live Resin?

Live resin is a highly potent cannabis concentrate made from freshly harvested cannabis that is flash-frozen to preserve its terpenes and flavors. This process results in a more aromatic and flavorful experience compared to other concentrates.

How to smoke live resin?

Live resin can be dabbed using a dab rig for the most potent experience, or it can be added to a bowl, joint, or vape pen to enhance the effects of traditional cannabis flower. Always start with a small amount due to its high potency.

How to smoke weed?

Smoking weed can be done in various ways, including rolling a joint, using a bong, pipe, or vaporizer. Each method offers a different experience, with vaporizers providing a smoother hit and joints delivering a classic cannabis session

After a fiasco of a rollout, New York is finally getting its act together around legal cannabis

When New York legalized marijuana, it was seen as a boon to the industry.  The state had a well thought out conversion from medical to recreational was well done and people sent big money to be ready.  Then weeks before it was to change, the state scrapped the whole plan and entered into probably the most chaotic rollout ever. Within months, the state was flooded with illegal dispensaries and they had not placed resources to stop it.  It was a hot mess, but now it seems, New York states getting their cannabis act together.  In New York City alone, there were 8.4 million residents and another 64+ million visitors in 2023. The market is huge and the industry was banking on success.   New York State’s  with legal sales surpassing $1 billion in 2024 and projected to reach $1.5 billion in 2025.

RELATED: Mixed Messages From The Feds About Cannabis

Despite these positive trends, New York continues to face challenges from a persistent illicit cannabis market. The state’s Office of Cannabis Management (OCM) has ramped up enforcement efforts, conducting over 1,300 inspections in 2024 and seizing nearly 17,000 pounds of illegal cannabis products valued at $68.5 million. New regulations have empowered local authorities, including New York City, to swiftly shut down unlicensed cannabis businesses, with fines for illegal sales reaching up to $10,000 per day or more.

The illegal market remains a significant barrier to the legal industry’s growth, as illicit sellers often undercut prices and operate without regulatory compliance. However, the legal market’s share is increasing as more consumers opt for regulated products, and social equity programs are helping diversify ownership-over half of issued licenses have gone to social equity applicants under the Conditional Adult Use Retail Dispensary (CAURD) program.

RELATED: Economics Puts Pressure On The Feds To Move on Marijuana

Looking ahead, industry experts forecast New York’s cannabis market could exceed $4 billion in annual sales by the end of the decade, fueled by continued store openings, product innovation, and potential federal legalization. The state’s robust tourism sector and evolving local regulations also contribute to market growth prospects. This is great news for the mom and pop legal dispensaries around the city.

While New York’s legal marijuana market is thriving with strong sales growth, expanding retail presence, and falling prices, it still contends with a sizable illegal market enforcement efforts are actively targeting. The legal sector’s income is rising steadily, while illicit sales remain a challenge to fully capturing the state’s cannabis consumer base.

The Minnesota Office of Cannabis Management has announced the date for the first lottery to decide who will get cannabis business licenses from the state.

The license lottery will be June 5 for cannabis cultivators, manufacturers and “mezzobusinesses” — those are essentially all-in-one operations that can grow and buy cannabis, and make and sell cannabis products.

There’ll also be a June 5 lottery for cannabis retailer licenses for social equity applicants, including veterans, people who live in high-poverty areas and people historically harmed by the war on drugs.

A second lottery of cannabis retailer licenses — for general applicants as well as social equity applicants not selected in the June 5 lottery — will be held in July.

The announcement and sequence of lottery dates “reflects the office’s goal to license the supply chain from the starting points in order to foster an equitable cannabis market that prioritizes public health and safety, consumer confidence, and market integrity,” Eric Taubel, interim director for the state’s Office of Cannabis Management, said in a news release. He said the office “has prioritized the review of applications for the license types necessary to successfully stage the market.”

The state said hundreds of applicants have qualified for the lottery for a set number of licenses for various categories. More applications remain under review.

As of May 1, state records showed there were:

• 95 applicants for 50 available cannabis cultivator licenses

• 80 applicants for 24 available cannabis manufacturer licenses

• 267 applicants for 100 available cannabis mezzobusiness licenses

• 724 applicants for 150 available cannabis retailer licenses

Those numbers do not include applications that were withdrawn or denied. There are other categories of cannabis business licenses that do not have caps on numbers and are not part of the planned lotteries.

The Office of Cannabis Management said the June 5 license lottery will be livestreamed, and available for the public to watch.