Michiganders really, really like marijuana. The total amount of cannabis products sold between the state’s recreational and medical dispensaries has tripled in the past two years, with the top two pot sales months in Michigan history being the past two months. There are nearly a thousand shops across the state where you can buy legal, regulated marijuana now, with the number of approved licenses for growers and dispensaries increasing almost weekly.
All that competition is driving down prices.
Jonathan Caulkins, a professor at Carnegie Mellon University who specializes in the economics of drug industries, said the market is booming everywhere where pot is legal.
The jump is glaring in Michigan because it has only been four years since voters passed a state ballot initiative making Michigan the tenth state to legalize recreational marijuana use for adults age 21 and older. In that time, cannabis culture has become more broadly accepted across the state, meaning that new consumers are going to gradually join the market and current consumers may start using more cannabis regularly, said Caulkins, who has studied national and state marijuana markets for the past 12 years.
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