Under state law, the Michigan Cannabis Regulatory Agency cannot limit who gets a license, Harns said. Now, the state is trying to halt efforts by some to sell illicit products in the legal market, he said.
If marijuana were like, say, soybeans, the solution would be one state over.
Ohio just legalized recreational marijuana and retailers just started selling in the summer. But demand far outstrips demand in Ohio where prices average nearly $500 an ounce.
But because marijuana is still considered an illicit drug nationally, it cannot be shipped across state lines.
So Michigan’s oversupply can’t leave the state. It is only leading to lower prices here.
The legal recreational markets in Colorado, California, Oregon all have run into the same issue – local growers flood the market and prices plummet.
All have lower prices than even Michigan, whose prices are among the lowest in the country, according to one survey by Oxford Treatment Centers.
In just over five years, Michigan’s legal marijuana industry is nearing cumulative sales of over $10 billion. But rising demand has been more than met with supply and prices are at their lowest ever. Read More
