US (MI): "By investing in our grow, we were prepared for the cannabis prices to drop"

Cannabis prices have collapsed across Michigan — down 40 percent year-over-year to $160.12 per ounce of adult-use cannabis.

The long-predicted price drop, thanks to increased supply as more and more growers come online, is likely smashing the margins of many in the industry. But Troy-based Lume Cannabis Co., the largest single-state operator in the U.S., continues to grow rapidly.

Lume opened its 31st retail outlet in Michigan last month with plans to open 13 more this year alone. It will also complete a more than 150,000-square-foot expansion in 2024 of its already 250,000-square-foot grow operation in Evart — which currently houses 28,000 plants worth a market value of about $40 million.

"We were prepared for prices to drop," Kevin Kuethe, Lume's chief cultivation officer, said last month while working in one of the Evart operation's 20 flower rooms filled with a strain known as Uncle Bruce. "We invested heavy in the grow op up front so we could make the best product at the cheapest cost possible."

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