Michigan: Cannabis Sales Keep Strong In November Increasing 33% Over Last Year - TerrAscend (OTC:TRSSF)


Michigan‘s cannabis sales in November increased by 33.2% over last year to $203.4 million.

November sales represent the largest year-over-year growth since February, even though the state’s cannabis sales dipped by an additional 2.9% compared to October.

Medical & Recreational Sales In Numbers

Medical cannabis sales continue “to plunge in the state as November only saw $13.6 million in sales,” according to the Green Market Report. “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.”

Additionally, the state’s recreational sales went 57.2% to $189.8 million over last year. It’s important to note that the average price for a flower per ounce was $95.12 versus last year’s $190.71, per the report.

Image by Green Market Report

MI’s Industry Growth

  • Marijuana jobs grew 68% over last year (28,394 employees in November 2022 up from 16,824 in November 2021). More than a thousand municipalities opted out of the program, reported the Green Report Market.
  • Related to recreational sales, cannabis flower leads the MI market with $90 million in sales for November. Vape cartridges come in second at $38 million followed by edibles at $21 million.
  • Regarding the issued licenses, the state provided 125 licenses, receiving 110 applications. During the month, 82 licenses were renewed. In addition, as of November, the state said it has 1,848 active licenses. Application fees provided $120,900 to the state, and renewal fees generated another $2 million, per the report.

How About MI Social Equity Program?

The report indicated, in November, the state received a total of 16 social equity applications and 13 were deemed eligible.

However, Dustin Walsh of Crain’s Detroit recently pointed out that in three years since adult-use cannabis has been legal in the Great Lake State, only 155 social equity applicants have received licenses out of approximately 3,100 issued to date.

He also questioned the criteria for selecting equity applicants eligible to obtain up to a 75% discount on state application and license fees, which range between $1,000 and $24,000 per license.

In October, Gage Cannabis, a subsidiary of TerrAscend Corp. TRSSF announced its fourth social equity grant recipient, Midwest CannaNurses (MCN), a Detroit education consulting business that seeks to spread more understanding about the benefits of cannabis and how to use it safely and for wellness.

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Photo: Courtesy Of Adam Nir On Unsplash


Image and article originally from www.benzinga.com. Read the original article here.