Michigan marijuana prices are plummeting, striking fear into small growers who’ve invested nearly everything to join the state’s young and volatile market that some say is being consumed by big corporate business in a “race to the bottom.”
They cited the deep-pocket capabilities of large, multi-state corporate growers to drive down prices and push out small competitors, as well as the ever-present competition from illicit marijuana sneaking into the state from without and within.
The overwhelming majority of commenters at the Cannabis Regulatory Agency (CRA) public quarterly meeting held in Lansing Wednesday, Sept. 14, identified themselves as small players in the 3-year-old recreational market and asked regulators to stop issuing new grow licenses, at least temporarily. They also want to cap the number of plants any single business can grow up to 10,000. Several requested better enforcement to keep out black-market marijuana.
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