Hashish flower costs per ounce have fallen in Michigan from $152 in January 2022 to $80 in January 2023, WOOD-TV reviews. Benham Wrigley Jr., an legal professional with CannaLex regulation, attributed the worth decline to “oversupply.”
“You would possibly go to the state of Illinois and solely discover 12 growers, right here you’ll be able to have as many growers as municipalities will permit.” — Wrigley to WOOD TV
In accordance with a Crain’s Detroit Business report, there are 5 Michigan hashish corporations which were positioned underneath receiverships within the state. A receivership is a court-appointed instrument that may help collectors in recovering funds in default and can assist troubled corporations keep away from chapter.
SKYMINT, which has 24 dispensaries in Michigan and has entered right into a receivership, stated in a press release it was compelled to take action as a result of the corporate was going through many challenges within the state, “together with extra provide, lowering costs, restricted entry to capital and the rising value of capital.”
Wrigley stated he expects hashish costs within the state to stage out as shops inevitably exit of enterprise and growers produce much less.
In accordance with the Michigan Division of Treasury, adult-use hashish gross sales in Michigan topped $1.8 billion throughout the 2022 fiscal yr. There are 574 adult-use licensees all through the state.
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