Michigan cannabis industry having to change way they do business
LANSING, Mich. (WILX) – The recreational marijuana industry was like the wild west at first, but now it’s settling down into modern American capitalism.
Competition is supposed to be good for customers and the marijuana industry in Michigan is proof. The average ounce of weed costs a little more than $100. But last year, it was twice as much according to the state regulatory agency. And with the price of cannabis so low, businesses are feeling the impact.
Steven Karapandza is with Apothecare – a company that grows and sells cannabis. He said his shop hasn’t been impacted, but he can see how small businesses are in a crunch.
“Compared to some of the other corporations that are here in Michigan that are multi-state operators, yeah it definitely impacts when you come into the financial expect of it,” said Karapandza. “Some people might have millions of dollars behind them to do purchasing or it could be hundreds of millions.”