Michigan Cannabis Flower Price Dips $171 Per Ounce in One Year

Michigan Cannabis Flower Price Dips 1 Per Ounce in One Year

<![CDATA[Although demand for adult-use cannabis soared throughout 2021 in Michigan, falling retail prices have left some business executives uncertain of their future in an increasingly competitive market. From flower, vapes, edibles and a host of other products, Michigan dispensaries sold $124.6 million of adult-use cannabis in January 2022, representing an 84.8% increase from the $67.4 million sold in January 2021. But during that same one-year timeframe, the average retail flower price dipped from $323.68 to $152.74 per ounce at adult-use dispensaries, a 52.8% price decrease, according to Michigan’s Marijuana Regulatory Agency (MRA). The percent decrease for medical flower was nearly the same. The average retail price per ounce for medical flower dipped from $252.04 in January 2021 to $119.64 in January 2022, representing a 52.5% decrease. Michigan was the eighth state to launch adult-use cannabis sales in the U.S. when licensed dispensaries began opening their doors to customers in December 2019. During that inaugural month of adult-use sales, the average retail price of flower was $516.21 per ounce, according to information from Metrc, the state’s seed-to-sale tracking provider. Cannabis business executives from Buchanan and Niles—cities in the southwestern part of the state—remain skeptical of those falling prices making any kind of meaningful rebound in the near future, the South Bend Tribune reported. “Prices have been dropping since day one and they continue to drop,” said Rick Paniagua, founder and CEO of Cannavista Wellness in Buchanan. “Major manufacturers are coming into the market and bringing a production scale that supports lower prices.”  George Lynch, CEO of Green Stem Provisioning Center in Niles, told the Tribune, “When we opened about two years ago, there were probably 100 or 120 growers in Michigan. Today, we’re approaching 1,000 growers.” As of Feb. 28, 2022, Michigan had 616 active grower licenses and 460 active retailer licenses for adult-use cannabis, as…

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Source : Michigan Cannabis Flower Price Dips 1 Per Ounce in One Year

reposted by Cannabis News World

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