Michigan recreational marijuana prices plunge 30% from 2024

Recreational marijuana prices in Michigan dropped nearly 30% in February compared to a year ago, according to a monthly data report from the state’s Cannabis Regulatory Agency.The average retail price for an ounce of recreational cannabis flower dropped to $65.21 last month, down from $91.94 a year ago, prompting industry insiders to predict that more businesses will fail this year.

ADVERTISEMENT “The growers are really struggling right now to recoup the cost of cultivation,” Robin Schneider, executive director of the Michigan Cannabis Industry Association, told the Detroit Free Press.“So essentially, they can’t sell it for what it costs to grow it.

So, I’m anticipating we’re going to see a lot more businesses fail this year.” Sales of all adult-use products in the state fell to $241 million in February, down from $247 million in January and $259 million in February 2024. ADVERTISEMENT Schneider said that sales typically decline in January and February and she expects the number to increase as 4/20 events approach.

Declining prices are partly contributing to companies such as PharmaCann and Fluresh closing cultivation facilities in Michigan, the Free Press noted....