Michigan’s Wholesale Flower Prices Among Lowest in States with Legal Cannabis
Legal adult-use cannabis sales began in Michigan at the end of 2019. Despite being a relatively new market, the price of wholesale flower has plummeted and now resembles the prices seen in older state-legal cannabis markets, such as Oregon and Colorado. Currently, a pound of wholesale cannabis flower retails for around $1000. But, those operating in Michigan’s legal cannabis market say that price can be even lower, sometimes as low as $600 per pound. A year ago, that same pound of wholesale flower would retail for $1,800 to $2,200. The issue demonstrates how quickly new legal cannabis markets can reach over-saturation. This is likely because multi-state operators can become established in newly legal cannabis markets faster than ever, speeding up the pace at which that state will reach the over-saturation point.
Guam to Begin Recreational Cannabis Licensing Process at the End of August
The U.S. island territory of Guam will start its recreational marijuana licensing process at the end of August. The island’s government will begin accepting applications on August 29th, beginning with “responsible officials” who want to become license holders. August 29th was the original deadline for the government to begin accepting business permit applications. However, the Cannabis Control Board for the island territory already indicated that the deadline will likely not be met. Before the application process can begin, individuals seeking licensure must be approved by the Cannabis Control Board. The fee for this clearance is $1000, and then would-be cannabis businesses need to be approved by six government agencies, such as the Department of Public Works.
Medical Marijuana Sales Begin in South Dakota
In November 2020, voters in South Dakota approved legalizing medical marijuana for the state. Now almost 20 months later, the first state-licensed medical marijuana dispensary has opened its doors. The dispensary, Unity Rd., opened in Hartford and will be selling flower and pre-rolls for the time being. Many cultivators in the state won’t have any product ready until the fall but Unity Rd. made an arrangement with cultivator Dakota Natural Solutions Grow where both companies would invest in the infrastructure and begin building before they were officially licensed. Once they received their licenses, they started the growing process immediately, giving them a headstart on many competitors.