Legal cannabis sales in Michigan achieved a record high of $837 million in Q2 2024, marking a 6% increase from $793 million in Q1 2024 and an 11% rise from $753 million in Q2 2023, according to a report byBeacon Securities. June's total sales were $279 million, slightly down by less than 1% from May but up 7% year-over-year from $261 million in June 2023.
Retailer Insights
The report noted a decline in the active retailer count for the second time since October 2021, decreasing by three stores. Average revenue per retailer was $343,000 in June, remaining flat month-over-month but down 6% year-over-year from $366,000 in June 2023.
Beacon's analysts attributed this...
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