The price of medical marijuana flower in Michigan has increased more than 50 percent since the regulated market launched 10 months ago, according to state data obtained by MLive.
August saw the wholesale price of medical marijuana flower hit $249 per ounce — the highest price point the market has seen to date, according to figures from the Marijuana Regulatory Agency.
Prices are rising as supply of marijuana flower is waning: the number of pounds of medical marijuana sold in Michigan has been slowly declining since April, and hit its lowest volume of the year in August.
That’s despite the fact that there were more provisioning centers with state licenses in August than ever before.
It’s an arresting dynamic, as the state inches closer to the launch of its recreational marijuana program later this fall.