Falling prices helped fuel one of the biggest single months for cannabis product sales in July for Michigan.
The average price for an ounce of cannabis flower came in just less than $80, which helped push the state’s July sales total to $286.4 million, almost eclipsing the previous record set in March.
Crain’s Detroit Business said the decline in prices could be attributed to several factors including an excess of supply.
But current market conditions in Michigan could also be due to “Croptober.”
According to the publication, the term “Croptober” refers to the annual harvest of cannabis grown outdoors. That product is often used for making vapes and edibles.
The upcoming influx of fresh outdoor flower means growers are slashing prices to get rid of remaining supply from last year.
