Michigan Cannabis Industry Sets New Sales Record of $146 Million in March
With sales up 179% from last year, March delivered a new record in the Michigan cannabis market of $145,8 million. This was up from February's sales by over 39%, with 3 fewer days in the month. This increase in sales is precisely why developer 237 Addison, LLC continues to be excited about their vision to build Michigan’s largest cannabis grow at the Addison Development Park in Addison, MI.
The stats released every month are tracked and reported through the Michigan Regulatory Agency. The MRA tracks seed to sale for every component of the cannabis industry in Michigan. The agency tacks both medical and recreational sales. The Addison Development Park acquired and is developing the farm land in the overlay district consisting of 60 Class C Commercial Cannabis licenses. The investment into the Addison Development Park is available to accredited investors www.AddisionFund.com.
The MRA reports break out monthly stats for each category in both recreational (Adult Use) and medical. The tables below show the sales categories for each. Please note, there is a reporting error from the MRA using February instead of March in the totals line.
The Flower market in Adult Use continues to remain strong after a record setting finish for 2020. While strong demand continues to be outpaced by supply, the flower prices are still coming down from last year. The Flower supply saw a significant influx from external sources as the MRA tightened down the prohibition of care givers to sell their excess supply to the market.
Despite the restrictions, cannabis flower fell to an average price of $4078 dollars per pound.
Michigan cannabis market generated $984.7 million in cannabis sales for 2020. The Michigan cannabis market is expected to produce over $3 Billion in revenue by 2025. Cannabis Developer 237 Addison, LLC remains bullish on cannabis citing over 600 provisioning centers that have been licensed as of March 2021. Addison Development Park will be able to serve the Michigan Cannabis Market as a market leader expecting to produce 28% of market supply from one location. This provides a scalable strategic advantage that controls cost and quality eliminating expenses from unnecessary scattered locations through the state.
There is currently no company that has a dominate market share in the Michigan cannabis marker. However, Addison Development expects they will emerge as the market leader in the grower space. Phase 1 of the Addison Development Park is expected to be completed summer 2021. The Addison Development real estate opportunity remains open to accredited investors. For more information about the Addison AG Tech, LP fund, please go to www.AddisonFund.com.
Max Harvey is the Developer of 237 Addison, LLC and Manager of the General Partner for the Addison AG Tech, LP. Max has worked in the Commercial Property Assessed Clean Energy Program. A former lawyer and media buyer, Max continues to grind to provide value in the emerging cannabis industry. Max has licensed technology that provides a ZERO waste facility for the Addison Development Project. As a Tax and Accounting Account Manger for Thomson Reuters, he served the north border states and Alaska for Multi National Corporations and CPA’s. You can connect with Max on LinkedIn or email him at [email protected]