According to the Michigan Cannabis Regulatory Agency, the price of pot is the lowest it’s ever been in the state.
In November, the average price of weed was $95.12 per oz., a 50% decrease from the same time last year, or $100 lower.
While many other sectors have seen prices rise due to inflation, Michigan’s cannabis market has seen a decrease in prices. That’s because the large number of cannabis licenses issued by the state has caused businesses to lower prices to be competitive, sources in the industry say.
“In January of 2021 we saw about 1,200 licenses and that number has now grown to roughly 1,800 throughout the state,” the Fire Station Cannabis Co. co-owner Logan Stauber told WLUC-TV.
While the price drop is good for consumers, it’s been hard on small growers and dispensaries, who say it’s difficult to compete with the bigger corporate players.
The Fire Station’s Stauber says despite the plummeting prices, business has still been good for Michigan’s cannabis industry.
“We’ve seen about a 38% increase statewide,” he told WLUC-TV. “Last year in 2021 the state as a whole did about 1.3 billion in sales and right now, we’re on track for $2 billion in sales closing the [year].”
Prices are expected to stabilize, as has happened in other states with regulated cannabis industries like Colorado, Oregon, and Washington.
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