Recently, a publicly traded cannabis company that operates in multiple states announced it’s shuttering its doors in Michigan. TerrAscend operates a handful cultivation and processing facilities, and 20 retail stores in Michigan – which is half of its storefront operation in the country. Company officials are citing an oversupply of marijuana in the Michigan market and low prices for their decision to pull out of the state. And they’re not the first multi-state operator to leave.
The industry is at a tipping point right now, with rock bottom prices and an oversupply of product. Not to mention there are still many people trying to get into the business of growing and selling cannabis, and the state law approved by voters allows for unlimited licenses. Today we look at the current state of the recreational cannabis industry in Michigan.
GUESTS:
- Dustin Walsh, Crain's Detroit Business
- Joe Lewis, Amazing Budz and Thunder Canna
- Aaron Jackson, Amazing Budz and Thunder Canna
- Chris Jacobson, Amazing Budz and Thunder Canna
- Brian Hanna, Cannabis Regulatory Agency
- Sarah Stith, University of New Mexico
