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In just over five years, Michigan’s legal marijuana industry is nearing cumulative sales of over $10 billion. But rising demand has been more than met with supply and prices are at their lowest ever.
A national poll finds that Michiganders 50 years or older are more likely than their counterparts in other states to turn to cannabis products. They also are more likely to report signs of addiction.
Michigan’s medical and recreational marijuana industries are currently governed by two separate sets of regulations. A bipartisan group of lawmakers believes it’s time for a “clean merge” that keeps benefits for medical users and reduces business burdens.
Ohio is expected to approve its first recreational marijuana retailers, possibly this month, a move that could cut into profits at the dozens of Michigan retailers who have targeted the Ohio market for customers.
Michigan marijuana retailers got bad news this week when voters in four metro Detroit communities opposed new stores in their communities while Ohio voters approved recreational marijuana — a decision that could eventually hurt pot shops in southern Michigan.
Rick Johnson, 70, was sentenced to serve 55 months in federal prison and fined $50,000 for seeking and accepting bribes while serving as chair of a now-defunct state marijuana licensing board.
The federal government still regards marijuana as a Schedule 1 narcotic, preventing nationally-backed financial institutions from conducting normal business with Michigan cannabis companies or their employees.
Prosecutors recommended former House Speaker Rick Johnson be sent a “strong message” and sentenced to at least 71 months in prison and pay a $110,200 fine to cover the cost of his bribes.
The marijuana industry brought in $276 million last month and is projected to cross $3 billion in revenues for the first time this year. But some businesses continue to struggle from a glut of shops and relatively low prices.
The change was spurred by Michigan voters’ choice to legalize recreational marijuana in 2018. Prison guards, state troopers, others will still be tested.
Rick Johnson admits having a lobbyist hire his wife as a consultant and hiding cash payments in a limited liability company. Some say he’s further proof Michigan’s lobbying laws need reform.
Marijuana prices are near record lows. But an oversupply of product and fierce competition are leaving many companies struggling in the state’s still young industry. Some want the state to step in with licensing controls.
Rick Johnson, a former Michigan House Speaker and chair of the state’s short-lived marijuana licensing board, and three others have already entered into plea deals on bribery related charges, prosecutor says.
Faced with steep competition and price drops of 75 percent, the state’s 600-plus recreational cannabis dispensaries and suppliers are seeking a sales edge beyond ubiquitous billboards. But who imagined early bird specials?
