Michigan Cannabis Sales Fall Again as Flower Prices Near Record Low

Michigan dispensaries moved $258.6 million in cannabis in April 2026, down 4.3% from the same month last year, according to the state’s Michigan Cannabis Regulatory Agency. Sales also edged up 1.2% sequentially from March — a gain that came despite April carrying one fewer selling day than the prior month. The numbers extend a revenue contraction that has now erased more than $100 million from the market’s annual run rate since it peaked at $3.29 billion in 2024. Michigan is one of the largest adult-use cannabis markets in the country, and its trajectory carries weight for national operators with significant Michigan exposure.

The CRA data has shown the same pattern for more than a year: dispensaries are selling more product by weight than at any point in the market’s history, but per-unit pricing has fallen fast enough to keep annual revenue in the red.

Inside the April Data

Adult-use transactions accounted for virtually all of April’s revenue. Medical sales came in at roughly $0.4 million — down 24.1% year over year and 5.6% from March — a decline that reflects how completely Michigan’s adult-use market has absorbed patient-side demand since recreational sales launched in 2019. Medical cannabis now represents less than 0.2% of monthly state revenue, and the 93 active medical provisioning centers still licensed generate a fraction of the per-location revenue that adult-use storefronts do.

The multi-year arc makes the current moment easier to read. Michigan posted 82.1% growth in 2021 to reach $1.79 billion, then 27.9% in 2022 ($2.29 billion) and 33.3% in 2023 ($3.06 billion). Growth moderated to 7.6% in 2024, pushing total sales to $3.29 billion — the market’s high point. The first annual decline came in 2025, when the market finished at $3.18 billion, down 3.5%. Through April 2026, the market is running 5.9% behind the same four-month stretch in 2025.

Pricing Is Where the Math Breaks Down

Flower pricing is the central retail story. Adult-use flower averaged $945 per pound in April 2026 — a 4.2% sequential drop from March and 5.1% below year-ago levels, per the CRA’s April data. That figure sits just above the record low the market hit in December 2025. Over the past two-plus years, Michigan’s average adult-use flower price has fallen from well above $100 per ounce at peak to roughly $59 per ounce today — a structural compression that has altered the revenue math for dispensaries that built their cost structures at higher price points.

The driver is supply. Cultivation and processing capacity has continued expanding even as consumer demand growth has leveled off. Licensed producers have added output while the consumer base hasn’t grown fast enough to absorb it at old price points. The result is that dispensaries are moving more product by weight and collecting less on every transaction.

Flower remains the dominant product category in adult-use retail. Based on March 2026 CRA data, the category generated $108.6 million that month — roughly 42% of adult-use revenue — with vape cartridges at $49.2 million and inhalable concentrates at nearly $41 million making up most of the rest. Because flower carries that share of the product mix, pricing pressure in the category drives the monthly revenue headline more than any other single variable.

The pace of decline has been moderating. April’s 4.2% sequential drop is more subdued than the steeper monthly falls recorded through 2024 and early 2025. Whether that signals a floor emerging or a temporary pause before another step down is a question the summer selling season will start to answer.

What Operators Are Watching

The April sequential gain has an asterisk. The Michigan Cannabis Regulatory Agency noted that April 20, 2026 generated approximately $20.4 million in adult-use sales — up about 27% from the prior year, when the date fell on Easter Sunday — contributing materially to the monthly uptick. Strip out the holiday effect and the underlying month-to-month demand signal is harder to read.

Michigan’s licensed dispensary footprint has continued growing even as per-outlet revenue erodes. The state had 831 active adult-use retailer licenses and 93 active medical provisioning centers as of March 31, 2026, per the CRA — more than 920 storefronts competing in a market where average prices keep declining. Cannabis retailers in neighboring Illinois have been navigating comparable competitive density as the region’s adult-use markets work through their own maturation cycles.

For Michigan operators, the near-term watch is whether May through August delivers enough seasonal demand to close the gap with 2025 performance. The 5.9% YTD deficit heading into summer isn’t insurmountable, but it requires sustained consumer demand in a pricing environment that has offered retailers no relief for more than a year.