Since the beginning of adult-use sales in December 2019, prices for weed flowers in Michigan have fallen dramatically, and many in the business credit this to a abundance of production licenses.
The largest restricted cannabis market in the world is California, but low prices in Michigan have also led to the establishment of a marijuana wholesale market that is comparable to that of California.
Since adult-use selling began, the regular retail price for an iota of blossom in Michigan has dropped by more than 80 %. The average price for an ounce of flower was$ 80.14 in August 2024, according to data from Michigan’s Cannabis Regulatory Agency ( CRA ), down 84.5 % from$ 516.21 per ounce in December 2019.
Meanwhile, monthly sales increased from 450 pounds sold for$ 1.7 million in December 2019 to 100, 894 pounds sold for$ 129.4 million in August 2024, a change of 22, 321 %.
” The licence framework has led to a collapse over day”, Nate Reid, senior vice president of business plan at Chicago-based multistate controller Cresco Labs, told MJBizDaily.
This piece originally appeared on MJBizDaily. The remainder of the narrative can be found below.
