‘Life savings are on the line’: Michigan cannabis regulator warns of industry crisis

Michigan’scannabisregulatortoldstatelawmakersApril23thatthemarijuanaindustryisunderstrainfromfallingprices,illicitmarketactivityandtheriseofunregulated,intoxicatinghemp-derivedproductsthatcompetewithlicensedcannabisbusinesses. BrianHanna,theexecutivedirectorofMichigan’sCannabisRegulatoryAgency,saidataregulatoryaffairsMichiganSenatecommitteemeeting,heldinLansing,thatthebiggestchallengestheagencyfacesthisyeararetheinabilitytosuspendlicensesforegregiousconduct,theincreasingsupplyofmarijuanaflowerthatoutpacesdemandandunregulatedandintoxicatinghempproductsthatarefloodingthemarket. “Thisisaverychallengingenvironment,notonlyforthelicenseesandstakeholders,butfortheregulatoryagencyaswell,”Hannasaid. PricesformarijuanagummieshavedroppedsignificantlysincetheseproductswerephotographedatadispensaryinNovember2021. Michigan’s5-year-oldrecreationalcannabisindustryisnavigatingasteepdecli