Michigan marijuana prices hit new low after years of decreases

(FOX 2) - The price for an ounce of marijuana reached its lowest price since Michigan legalized pot for recreational use among adults.

According to the Michigan Cannabis Regulator Agency, the average retail price for an ounce of flower is $73,99 in October, which is down nearly $20 from September.

The state marijuana industry is among the country's most robust with Michigan ranking the highest in sales per capita. Since buying weed was legal in Michigan, the cost of pot has plummeted.

Four years ago, an ounce cost $287.92.

First reported by Crain's Detroit Business, the steep drop in prices is expected to put further pressure on local dispensaries competing with an oversaturated market and too much supply.

MORE: Michigan dropping marijuana drug testing for some new-hires on Oct. 1

Michigan's booming pot sales has led to tens of millions of dollars in tax revenue for the state, including $87 million for municipalities with at least one dispensary.

Even as the federal government has moved to reclassify marijuana as a less dangerous drug, ballot proposals to legalize the substance failed in the most recent presidential election.