MID-MICHIGAN (WNEM) – Cannabis prices are dropping in Michigan; they’re at their lowest point since becoming legalized in 2018.
While that’s an issue for growers, those on the sales side say business has never been better.
According to Crain’s Detroit Business, sales of marijuana in Michigan are on pace to hit $3.3 billion this year.
“This last year has been really good. I’ve been coming up on my first year with the company, and just since the time I’ve been here, it’s just going up and up every single week,” said Hannah Stewart, assistant manager at Bud Brothers Huron in Bangor Township.
She said strong sales are increasing in strength, fueling a healthy bottom line.
Stewart said she isn’t surprised by the level of consumer demand for cannabis products.
“I think that it’s a lot easier for consumers to get products at an affordable price. So, I think that they’re looking for new options, whether you’re 21 and you just are allowed to start coming to dispensaries, or you’re retired and you’re looking for pain management, I think that they’re looking for that really good affordable price. And we are lowest prices in Bay City, so that’s why I feel like they turn to us,” Steward said.
And while sales are good, the same can’t be said for cannabis growers.
According to the latest Michigan Cannabis Regulatory Agency monthly report, the average retail flower price per ounce is at $71.80. As a result, according to Crain’s Business Detroit, PharmaCann has plans to close its Warren cultivation site and Fluresh LLC is doing the same at its Adrian facility.
As for Stewart, she doesn’t think that will have an impact on the sales side.
“We have a good connection with the people that we buy from, so I feel like that gives us an opportunity to lower our prices and give everybody the most affordable options. So, I think that while it might be hurting other people, for us, I think it’s only making us more appealing to the consumer,” she said.
It’s an appeal that, according to Stewart, has staying power.
“We have a great group of people working for our company at all of our stores. I think with all of us combined, regardless of how other people and the growers are going to be doing, I think we’re only going to be moving up and up because that’s what all of us are trying to do every single day,” she said.
Stewart said she loves being in the cannabis industry and plans to make it her career.
According to the Michigan Cannabis Regulatory Agency, sales across Michigan in November were more than $275 million. That’s up $19 million compared to November 2023.
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