Michigan Dispensary Revenue Falls as Shelf Inventory Swells

Michigan's adult-use dispensaries sold $242.3 million in September 2026, according to the Cannabis Regulatory Agency. That was down 3.4% from $250.9 million in September 2025 and 6.4% from August.

The same report shows retailers holding 211,518 pounds of flower on September 30, up 43% from 148,372 pounds a year earlier. Michigan dispensary revenue is shrinking while the stockroom fills up, and a buyer with a full stockroom has less reason to say yes to a vendor.

Michigan dispensary revenue per store

Divide monthly adult-use sales by the number of active retail licenses and the average store is taking in less than it did a year ago.

Source: CRA monthly reports (August 2025, August 2026, September 2025 and 2026 linked above). Per-license figures calculated by HoldenLeads.

August was the sharper drop: sales per license fell 9.0% as total sales fell 8.5% and the license count rose. In September, the per-license decline was 1.8%, mostly because there were 14 fewer active retail licenses than a year earlier to split the sales. Treat these as averages, not a single store's numbers. An active license is not always an open storefront, and the average hides a wide spread between busy and slow stores.

Price and volume are both down now

Earlier this year, the Michigan decline was about price. Stores moved their usual tonnage at lower prices. September's report shows volume falling too.

• The average adult-use ounce sold for $59.99, down 5.0% from $63.16.
• Flower sales by weight fell 5.0%, to 102,858 pounds.
• Flower dollars fell 9.7%, to $98.7 million. Flower is still the largest category, at 41% of sales.
• All product by weight was down 4.2%.

Six weeks of flower in the back room

Measured against September's sales of flower and shake combined, Michigan retailers ended the month holding about six weeks of stock. A year earlier, they held about a month.

Supply further up the chain is heavier still. Processors held 727,875 pounds of flower at the end of September, against 267,001 pounds a year earlier. Both figures are end-of-September counts, taken in harvest season, so the season alone doesn't explain a near-tripling. The August report shows the same pattern: retail flower inventory up 41% from August 2025.

Our reading is that supply has not yet adjusted to lower demand. Inventory is building at both the processor and retail levels while sales slip, nine months after the 24% wholesale tax took effect on January 1.

The tax is also bringing in less than projected. About $34 million was collected in its first four months, against roughly $105 million expected, according to state figures cited by the Marijuana Herald. Rep. James DeSana introduced HB 6224 on July 29 to repeal it, and the bill was referred to the House Appropriations Committee. "It's time to repeal this failed tax and stop forcing taxpayers and businesses to pay for a policy that simply isn't working," DeSana said, per MMJDaily.

What this means if you sell to Michigan dispensaries

Flower brands and growers are pitching buyers who already hold about 40% more flower than a year ago. A store in that position can wait to reorder, and it can push for lower prices or better payment terms when it does. Expect slower reorders through the fourth quarter unless holiday sales draw the inventory down.

Brands in other categories may face less of it. The CRA's retail inventory count covers flower only, so flower is the overhang we can actually measure. Vape cartridges brought in $46.6 million in September, 19% of sales.

Software, payments, and service vendors are selling to stores averaging under $300,000 a month in adult-use sales, and falling. A pitch that cuts a store's costs or helps it move aging inventory will get further than one that adds a new monthly fee.

Anyone planning 2027 budgets should plan on the average Michigan account buying less next year than it did this year, even if the number of stores holds steady.

FAQ

How much did Michigan dispensaries sell in September 2026? $242.3 million in adult-use sales, down 3.4% from September 2025 and 6.4% from August 2026, per the Cannabis Regulatory Agency.

What is the average price of an ounce in Michigan? $59.99 for adult-use flower in September 2026, down from $63.16 a year earlier.

How much does a Michigan dispensary make per month? About $289,400 in adult-use sales per active retail license in September 2026, by our calculation from CRA figures. Individual stores vary widely.

Is Michigan repealing the 24% wholesale tax? Not yet. HB 6224, introduced July 29, would repeal it and was referred to the House Appropriations Committee. The tax has been in effect since January 1, 2026.

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When revenue per store is shrinking, store owners review every vendor they pay. See verified, owner-level contacts for Michigan dispensaries, refreshed weekly. Free preview at holdenleads.com.