Michigan marijuana market sets new sales records despite stricter enforcement and new competitors | How to buy Skittles Moonrock online

Learn how to buy cannabis online. TOP QUALITY GRADE A++

Cannabyss Inc. is the best place online to buy top quality weed, cannabis, vape, marijuana and CBD products. Get your borderless orders delivered at the pickup spot with ease. Top Grade products for client satisfaction.

👉 Click here to Visit our shop! 🛒

This story has been republished by permission. Crain’s Detroit.

Despite increased regulatory crackdowns and the new competitive market in Ohio, MichiganThe marijuana market in continues to grow.

In August, the regulated marijuana market sold more than $295 million worth of marijuana. This is an increase of nearly $7 million compared to the previous month. Previous monthly sales record for March.

The legal marijuana industry in the state is now on track to reach a sales volume of $3.3 billion by 2024, an increase from Last year’s record was $3.06 billion.

California, with more than 30 million residents, is the largest state in the United States. Only state with higher sales figures Monthly marijuana sales average $347 million.

To put things in perspective, California’s marijuana market sold $8.90 per capita in August. Michigan’s market sold $29.50 per capita. If we assume that 26.86% (or about 109.65 per consumer) of Michigan adults use marijuana, then each adult purchased approximately $109.65 of marijuana in August. In California, approximately 9.35 million adult marijuana consumers spent an average of $37.11 per person in August.

Michigan’s legal recreational sales also show the strength of Michigan’s market. On August 6, the neighboring state of Ohio began its riots.

Ohio sold $44million in marijuana in August, after its recreational market opened the first week of the year. However, it had far fewer dispensaries in Ohio than Michigan. Ohio has only 15% of Michigan’s total of legal recreational cannabis retailers.

Insulating the Michigan legal marketplace is All-time low prices

According to data from Michigan Cannabis Regulatory Agency, the average price of an ounce marijuana flower in August was $80.14. This is up from the lowest ever recorded price of $79.70 in the month of July.

Since legalization in 2019, prices have decreased. In August 2022, the average price of an ounce was $116.84 and in August 2020 it was more than $400.

The price drop this year may be due to a number of factors, including a product oversupply and the pricing compression caused by “Croptober”. Another reason could be a continued supply from illicit market products on the state-regulated market.

Outdoor growers prepare for “Croptober”, the annual harvest of plants in outdoor farms in October. This product, which is typically used in vapes and edibles like gummies, floods the market from late October to the end of the calendar year. Some of the outdoor product may be sold as flower.

In recent months, the state has increased enforcement efforts and targeted legal market players who import products from outside of the state.

The CRA released a statement in August. formal complaint against West Michigan grower HiCloud LLC After its owner was arrested by the Michigan State Police on I-96 near Lansing with 43.5 pounds marijuana in a rental truck. This product was not marked in the state’s tracking software, which could mean it was grown illegally. Investigators found large quantities of marijuana in its facility that were not catalogued in the system.

Also in August, the state cited Chesaning based processor One Love Labs is accused of importing More than 110 pounds THC concentrated from Oregon

It is illegal to ship hemp products that contain more than 0.3% of THC across state borders. Michigan regulations prohibit the processing or sale of products that contain more than 0.3% of THC and are derived from other states. The product was found to contain 86.49% THC.

The CRA had been released a month earlier. Sky Labs, a alleged Mount Morris processor, purchased 130,000 grams – almost 287 pounds – of THCA isolat, which is a highly concentrated powder derived by hemp that, when heated, can be converted to a form THC similar to the psychoactive substance found in marijuana.

The state’s targeting of the industry hasn’t been able to restrict supply enough to raise prices. Sales continue to increase.