Michigan marijuana prices hit new low after years of decreases

By Jack Nissen
Published  November 19, 2024 11:06am EST
FOX 2 Detroit

The Brief

    • Michigan marijuana prices hit a new low almost five years after adults began purchasing the drug for recreational use
    • The cost of an ounce of weed was $73.99 in October, the Michigan Cannabis Regulatory Agency reports
    • The reason for the sharp drop in prices is due to an oversupply of dispensaries and flower

(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.

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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.

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