Michigan marijuana retailers got bad news this week when voters in four metro Detroit communities opposed new stores in their communities while Ohio voters approved recreational marijuana — a decision that could eventually hurt pot shops in southern Michigan.
The federal government still regards marijuana as a Schedule 1 narcotic, preventing nationally-backed financial institutions from conducting normal business with Michigan cannabis companies or their employees.
The marijuana industry brought in $276 million last month and is projected to cross $3 billion in revenues for the first time this year. But some businesses continue to struggle from a glut of shops and relatively low prices.
Marijuana prices are near record lows. But an oversupply of product and fierce competition are leaving many companies struggling in the state’s still young industry. Some want the state to step in with licensing controls.
Rick Johnson, a former Michigan House Speaker and chair of the state’s short-lived marijuana licensing board, and three others have already entered into plea deals on bribery related charges, prosecutor says.
Faced with steep competition and price drops of 75 percent, the state’s 600-plus recreational cannabis dispensaries and suppliers are seeking a sales edge beyond ubiquitous billboards. But who imagined early bird specials?
Caregivers provide a niche service by growing and producing difficult-to-source cannabis products and offering them to patients at affordable rates. Caregivers could be squeezed out of business under a new bill.
New study shows that the marijuana marketplace “has unlimited economic potential for Michigan,” according to the trade group representing the regulated providers. They’re trying to ‘rein in’ illicit sales.