Lume Cannabis Reports $190 Million Revenue and 42% Profit Margin in 2025

Lume Cannabis generated $190 million in revenue in 2025 with a 42 percent profit margin, @Forbes reported. The company operates a 225,000-square-foot facility in Evart, Michigan, that produces about 500 pounds of cannabis per week across 114 harvests for an annual total of roughly 30 tons. The Evart site holds 26,000 plants in 20 grow rooms at any given time.

Lume sells its output through 40 dispensaries across Michigan and employs 1,400 people. Production costs average $6 per unit with an average selling price of $11 per unit. Michigan's 24 percent wholesale cannabis tax cost Lume $10 million in 2025.

The Evart facility was built for $45 million by Gallagher-Kaiser Corporation. David Morrow cofounded Lume in 2019 with Robert Barnes and Donald Barnes. He previously founded Warrior Sports from his Princeton dorm room in 1992 and sold the company to New Balance in 2004 for an estimated $50 million after annual sales reached $20 million.

Morrow raised initial capital of $10,000 from his father, $230,000 from his then-girlfriend, now wife, and $1 million from Billy Frist. Lume raised $250 million in total funding.

It opened its first store in Kalamazoo in fall 2019 in a former 4,000-square-foot nightclub. Robert Barnes and Donald Barnes own Belle Tire; Robert Barnes had started a small medical cannabis company in Michigan before adult-use legalization in 2018.