Michigan marijuana prices are plummeting, striking fear into small growers who’ve invested nearly everything to join the state’s young and volatile market that some say is being consumed by big…
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Michigan marijuana prices are plummeting, striking fear into small growers who’ve invested nearly everything to join the state’s young and volatile market that some say is being consumed by big corporate business in a “race to the bottom.”
They cited the deep-pocket capabilities of large, multi-state corporate growers to drive down prices and push out small competitors, as well as the ever-present competition from illicit marijuana sneaking into the state from without and within.
The overwhelming majority of commenters at the Cannabis Regulatory Agency (CRA) public quarterly meeting held in Lansing Wednesday, Sept. 14, identified themselves as small players in the 3-year-old recreational market and asked regulators to stop issuing new grow licenses, at least temporarily. They also want to cap the number of plants any single business can grow to 10,000. Several requested better enforcement to keep out black-market marijuana.
Kristsa Beller, who operates Real Leaf Solutions, a 2,000-plant grow in Kalkaska, said a moratorium on new grow licenses would push back against the “capitalism gone wild” that has “ravaged other states” and protect communities from the “poverty and decay that is left in the wake of speculators.”
Over the last year, recreational marijuana flower prices have sunk 47% while recreational marijuana sales are up 126%, outgoing CRA Director Andrew Brisbo said, indicating increased market saturation.
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