Michigan sees a drop in price of marijuana

NOW: Michigan sees a drop in price of marijuana

NILES, Mich. -- New information shows that cannabis products in Michigan have half the value they had 18 months ago.

Michigan’s Cannabis Regulatory Agency previously announced that prices for weed in the state are dropping between 40-50%.

The state of Michigan has over 97 licensed dispensaries and the number keeps climbing, but the surplus could lead to more dispensary closures in the future.

Some Cassopolis dispensaries are producing larger quantities of weed, including Sunset Coast with more than 1900 cannabis plants throughout 3 grow rooms, and Highway Horticulture, which harvests anywhere from 350-400 pounds of weed per month.

Large investments like these are being made all across Michigan and are leading to a decrease in prices and the possibility of being run out of business for dispensary operators.

This may be good news for consumers, and while corporate dispensaries don’t have to worry about the price drop as much, smaller operations need to find ways to stand out in order to stay in business.

As the market continues on a decline, variety and engineering are two things dispensaries need to keep in mind.

Nicholas Luhowy is the Chief Cultivation Officer at Highway Horticulture, who says that dispensaries will “have to differentiate yourself in some way so when you’re trying to work with retailers and sell your product, you offer something unique.”

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