Michigan Marijuana Prices Reach Historic Low
The price of marijuana in Michigan has reached a new low, with the average cost of an ounce of flower dropping to $73.99 in October. This marks a significant decrease from just a few months ago, when the price was $93.99. The Michigan Cannabis Regulatory Agency reports that the state’s marijuana industry is experiencing an oversupply of dispensaries and flower, which is driving down prices.
Since Michigan legalized recreational marijuana use in 2018, prices have been steadily decreasing. Four years ago, an ounce of marijuana cost $287.92. The sharp drop in prices is expected to put pressure on local dispensaries, which are already struggling to compete with the oversaturated market.
Despite the decline in prices, Michigan’s marijuana industry continues to thrive. The state has seen tens of millions of dollars in tax revenue from marijuana sales, with $87 million going to municipalities with at least one dispensary. The industry has also created thousands of jobs and has become a significant contributor to the state’s economy.
The decline in prices is expected to continue, with some experts predicting that prices could drop even further in the coming months. However, the oversupply of marijuana could also lead to a decrease in the number of dispensaries operating in the state.
Overall, the decline in marijuana prices in Michigan is a sign of a thriving industry and a growing demand for the substance. As the market continues to evolve, it will be interesting to see how prices and availability change in the future.
