Michigan Cannabis Flower Price Drops to $80 Per Ounce

March 15, 2023 · Ganjapreneur

Cannabis flower prices per ounce have fallen in Michigan from $152 in January 2022 to $80 in January 2023, WOOD-TV reports. Benham Wrigley Jr., an attorney with CannaLex law, attributed the price decline to “oversupply.”

According to a Crain’s Detroit Business report, there are five Michigan cannabis companies that have been placed under receiverships in the state. A receivership is a court-appointed tool that can assist creditors in recovering funds in default and can help troubled companies avoid bankruptcy.  

SKYMINT, which has 24 dispensaries in Michigan and has entered into a receivership, said in a statement it was forced to do so because the company was facing many challenges in the state, “including excess supply, decreasing prices, limited access to capital and the increasing cost of capital.” 

Wrigley said he expects cannabis prices in the state to level out as stores inevitably go out of business and growers produce less.     

According to the Michigan Department of Treasury, adult-use cannabis sales in Michigan topped $1.8 billion during the 2022 fiscal year. There are 574 adult-use licensees throughout the state.  (Full Story)

In category:Business
Tags:
Next Post

Medical marijuana sales in Arkansas reach $22.4 million in February

Medical marijuana patients in Arkansas spent $23.1 million on cannabis products in January and $22.4 million in February for a total of $45.5 million over the two-month period. Sales for the first two months of 2023 combined increased by $4…
Read
Previous Post

Marijuana microbusinesses: What are they and how do they work?

Missourians voted to legalize recreational, adult-use marijuana in November. That constitutional amendment also established a framework for marijuana "microbusinesses" — business licenses intended to allow more "everyday folks" to participate in the state's growing marijuana industry. "Right now, the way…
Read
Random Post

New Mexico Regulators Seek Injunction Against Cannabis Business Accused of Diverting Product

The New Mexico Regulation and Licensing Department on Tuesday filed a petition seeking a preliminary injunction against Sawmill Sweet Leaf, LLC, alleging the company has been diverting cannabis out of state and manufacturing cannabis concentrate without a permit.   In a statement, Linda Trujillo,…
Read
Random Post

Anti-Marijuana Ted Cruz Swigs Beer To Protest Possible Lowering Of U.S. Alcohol-Consumption Guidelines: ‘Kiss My Ass’

Sen. Ted Cruz (R-TX) doesn’t support legalizing marijuana or other currently illicit drugs, but he’s big mad over the prospect of the federal government advising Americans to drink less alcohol. During an interview with Newsmax on Wednesday, the senator said…
Read
Random Post

New Jersey Police Officers Plan To Sue After Being Fired Over Marijuana

Four New Jersey police officers are preparing to sue Jersey City after being fired for testing positive for marijuana—despite being protected under the state’s cannabis legalization law and guidance from the state attorney general. The Jersey City officers said that…
Read
Random Post

Seth Rogen Has Never Tried to Get Steven Spielberg Stoned

The stoniest moment at the recent Oscars occurred when host Jimmy Kimmel teased Seth Rogen, who was sitting in the audience with his wife Lauren Miller, right behind director Steven Spielberg and his wife Kate Capshaw. "Seth, what are you on now? Be…
Read