Michigan's cannabis industry continues to struggle with oversupply and slowing demand, as reported by Crain's Detroit. Legal sales dropped 4.2% in June to $261.1 million, while the average price per ounce of flower fell slightly to $62.91.
Despite the glut, operators added another 470,000 plants last month, bringing the total to 3.2 million. Fresh frozen inventory remains high at 1.19 million pounds, with product continuing to outpace consumer demand.
The state issued 69 new licenses in June, including 15 for growers, but overall license growth has stalled, suggesting some attrition.
Michigan is still on track to reach $3.14 billion in sales this year, though that would mark the first annual decline since adult-use sales began in 2019.
