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.
You won’t hear grumbling about Michigan’s challenges from Lume Chief Cultivation Officer Kevin Kuethe. Instead, you’ll hear optimism and confidence from a seasoned cannabis industry veteran (and 2021 CBT Cannabis Leadership Awards winner) whose cannabis industry experience spans a range of responsibilities and perspectives.
