As of July 13th, Michigan’s marijuana industry which includes medical and recreational businesses, was licensed to grow 511,500 plants.
According to the Marijuana Regulatory Agency monthly reporting, there was almost 8,600 pounds of marijuana sold in Michigan between two markets in May. This is compared to around 3,000 pounds in January.
“I think (prices) will continue to drop just in the short term because we do see increases in production on the adult-use side,” Marijuana Regulatory Agency Director Andrew Briso told MLive last month.
“… Where it settles long term, I couldn’t really say what is going to be the price two years from now (or) five years from now when supply is adequate.
“What we need to be cautious about and be wary of is what happened in Oregon … where the scale shifted and there was oversupply, because then the price kind of bottoms out.”
According to Briso, the majority of the recreational product continues to come from marijuana originally planted under medical marijuana licenses, which are more abundant.
The state allows companies to transfer medical marijuana product for recreational sales after it’s been in inventory for 30 days.
“We can grow a pretty hefty amount of plants — about 16,000 is what we’re licensed for — and we do use most of that licensing,” said Evart-based Lume Cannabis Director of Cultivation Kevin Kuethe. ” … Depending on your cultivation style, one plant can mean a quarter of a pound of finished product or once plant can mean … 10 pounds of finished product. It just depends …