Anyone following the cannabis industry’s ups and downs has Michigan on their radar. Since adult-use sales launched in December 2019, the state climbed to No. 2 in sales nationally, eclipsing $3 billion in 2023. But—and this is a big but—the state endured unprecedented price compression. As Cannabis Business Times reported in December 2023, Michigan’s average adult-use retail flower prices plunged 78% in four years. However, there are bright spots that exist here. In just four years, vertically integrated Lume Cannabis Co. grew sales from $2 million to closing in on $200 million, thanks to investments in technology and automation that cut production costs by 50%, and an engaged and experienced team. With a solid foundation in the Midwest, the company is planning to expand to the Sunshine State.
