Small Farmers in Michigan are Worried about Drop in Cannabis Prices
In January 2022, the price for an ounce of marijuana in Michigan hit a record low. While customers and retail dispensaries find this news exciting, smaller cultivators are concerned. The dip in price is considerable, about 70 percent since December 2019 when the average price for an ounce was about $516. As of January, the price for an ounce was about $152. There are even some dispensaries in the Kalamazoo area that are reported to be selling an ounce of marijuana for $50. As more cities in Michigan allow for cannabis operations, competition has been steadily increasing and the supply and prices of the plant have been catching up to the demand. Cannabis consumers in the state are thrilled about the low prices, but small and mid-sized cultivators are struggling to compete with the prices from larger growers.
NCAA Updates Its Marijuana Policy
Last week, the NCAA made some significant changes to its policy on THC testing for college athletes. In a press release, the organization announced that a meeting of the Committee on Competitive Safeguards and Medical Aspects of Sports ended with an increase in the THC threshold for athletes. The NCAA raised the amount from 35 to 150 nanograms, which is in keeping with the amount put in place by the World Anti-Doping Agency. The committee also made recommendations for a new structure to the penalties for athletes who do test positive for THC. The NCAA’s chief medical officer, Dr. Brian Hainline, said of the changes, “Reconsidering the NCAA approach to cannabis testing and management is consistent with feedback from membership on how to better support and educate student-athletes in a society with rapidly evolving public health and cultural views regarding cannabis use. Marijuana is not considered a performance-enhancing substance, but it remains important for member schools to engage student-athletes regarding substance use prevention and provide management and support when appropriate.”
New Jersey’s Governor Says Recreational Sales Will Open ‘Within Weeks’
New Jersey Governor Phil Murphy predicts that sales for the legal cannabis market will start “within weeks”. To get the program running, some medical cannabis dispensaries will be licensed for recreational cannabis sales. Gov. Murphy believes that many medical dispensaries will receive that licensing by March. This is also subject to local approval first, and the dispensaries seeking permission to sell to adult-use consumers will need to prove that they have enough supply to meet the needs of their medical cannabis patients first and foremost.