Business
Get an Ounce of Legal Weed in Michigan for $122 – The Race to the Bottom Continues Across America
Cannabis markets are saturated with illicit and legal suppliers, as well as hemp-derived Delta-8
In January, cannabis prices in Michigan reached all-time lows, which is terrific for customers and retailers but has smaller cultivators panicking. Retailers have $122 ounces listed in their licensed shops.
Cannabis supply is pulling down prices a lot, and customers purchase it at record rates. State records show there is 55 times more weed in the market, and consumers are buying it at 16 times the price since two years ago when cannabis hit the market. Rates are now lower than 30 or 40 years ago when weed was illegal. On average the price for 28 grams an ounce fell 70% from $516 in December 2019 to $152 this January.
In Kalamazoo, some dispensaries are selling an ounce for as low as $50, while in Michigan, the average price of a gram is $5, less than 50% of the national average.
GROWTH IN THE CANNABIS MARKET
Executive director of the Michigan Marijuana Regulatory Agency, Andrew Brisbo, said the jargon around the market now is growth, but he reckons they are going into a stage where the supply and prices are satisfying demand, and it is stabilizing.
Michigan has evolved rapidly to become the fourth biggest cannabis market in the country, having sales of $1.8 billion in 2021. In November 2018, recreational cannabis was legalized by voters, but the state took another year to put the licensing framework in place for sales.
As consumers enjoy the lower rates, mid and small-sized cultivators state it is difficult for them to equal the prices of bigger operations.
Rivalry among cannabis farmers is growing as new cities permit operations. The number of cities allowing cannabis businesses in the last year jumped from 87 to 118, while the number of authorized businesses jumped by almost 150 to 1,238. People like Haley Poag of East Lansing, who had resisted purchasing cannabis from dispensaries to avoid Michigan’s 10% marijuana excise tax, are drawn in by the costs. Poaga said she has accounts with a few of the local dispensaries, so she receives SMS when they’re running specials, and that’s always when she buys.
Owner of the Lake Effect and Doja dispensaries in Portage, Justin Palmatier, claimed that dealers could purchase marijuana for less money and boost sales. Competitors promptly matched his dispensary’s $5 per gram price reduction. Several rivals lowered their prices to $75 after Lake Effect started selling an ounce for $100, or 28 grams, Palmatier claimed. We must meet or outperform local competitors’ pricing reductions; when prices fall, we begin racing to the bottom. Palmatier added.
According to Chris Krestchmer, general manager of Homegrown Cannabis Company in Lansing, which cultivates marijuana for wholesale and sells it at retail, larger marijuana growing companies are springing up more frequently, pushing out smaller businesses.
In just two years, the number of farmers has risen dramatically to 1,238. Of that number, 458 are larger operations with a capacity of 2,000–10,000 plants or Class C growers. State records show that the amount of weed in the market leaped to over 1, 273,453 pounds, producing a market that is over-saturated.
Krestchmer said they knew it was on its way, but it came faster and more forcefully than anyone expected, and it had become a difficult game for them.
Some farms’ owners worked with local governments to amend legislation that permitted them to combine numerous permits to produce even more marijuana, like the enormous farm slated to be built in Lawrence, southwest Michigan.
Until additional localities permit the opening of marijuana shops or the state caps the number of licenses a grower can have concurrently, according to Krestchmer, farmers will continue to struggle.
THE STATE OF CANNABIS IN MICHIGAN
Although the state now permits local governments to control how much cannabis is grown in their communities, nearly 80% of Michigan cities prohibit the selling of marijuana. Cities, particularly struggling ones, are motivated by economic factors to permit larger businesses.
Compared to the other 18 states that have completely legalized marijuana, Michigan has one of the lower marijuana sales taxes at 10%, which is paid on top of the regular sales tax of 6%. For instance, tax is 37% in Washington but only 16% in Arizona.
Taxes on cannabis sales were anticipated to have brought in $250 million to Michigan last year. Each county and city receives 15% of the excise tax. A major business can bring in $200,000, or twice the annual budget of a small municipality like Lawrence.
Seeing larger (growers) go in and produce thousands of square feet of product at reduced prices compels everyone else to follow that price, according to Palmatier. He added that the smaller businesses wouldn’t realize they couldn’t compete at that pricing point until it was too late. Thus, they could end up ceasing operations.
Palmatier is worried that when larger companies boost their prices when the price reaches a bottom, the market would be limited due to the closure of smaller cannabis operations. Palmatier said he thinks they will see lesser options at higher prices from these bigger organizations.
DIFFERENT PRODUCT TYPES HAVE EXPERIENCED SIMILAR TRENDS AS WELL
Vape cartridge sales in Michigan increased 178 percent between June 2021 and June 2022, making them the second-highest monthly sales item. Last month, sales of that product totaled more than $35 million.
A 91% rise from June of the previous year saw Michigan dispensaries sell over 179,000 pounds of cannabis-infused edibles in June 2022. Last month, retail sales of edibles amounted to more than $19 million.
Concentrates, on the other hand, had a 150% increase in sales volume from June 2021 to June 2022; last month, they generated more than $10 million in sales for adult usage. Ultimately, Michigan dispensaries are on track to record sales of adult-use cannabis totaling more than $1.7 billion across all product categories this year.
BOTTOM LINE
The fall in the price of marijuana is a result of the excess availability or over supply of the plant or cannabis products. It was brought about by bigger businesses combining multiple licenses, thus being able to grow larger quantities of weed. With so much to supply and a standard demand rate, the prices of cannabis had to drop, and competition in the market declined the price further still.
Business
Jio’s 1,600-Satellite LEO Constellation Gets Technical Green Light
Reliance Jio has crossed a significant milestone in its space connectivity ambitions after its proposal to deploy a Low Earth Orbit (LEO) satellite constellation of around 1,600 satellites received a positive technical assessment from the Indian National Space Promotion and Authorisation Centre (IN-SPACe).
The evaluation, conducted jointly by IN-SPACe, the Indian Space Research Organisation (ISRO), and the Wireless Planning and Coordination (WPC) wing of the Department of Telecommunications, reportedly concluded that Jio’s proposed system meets the required technical standards and is comparable to leading global satellite broadband networks.
India’s Indigenous LEO Satellite Vision
Under the proposal, Reliance Jio plans to deploy between 1,600 and 1,650 satellites in Low Earth Orbit at an altitude of around 650 kilometres.
The planned constellation is expected to provide high-speed satellite connectivity across India, with approximately 32 satellites visible from any location at a given time. The company aims to roll out the network within the next two to three years, subject to regulatory approvals.
According to industry estimates, the satellite system could deliver 4.5 to 5 terabits per second (Tbps) of total data capacity, making it one of the largest satellite broadband projects proposed in India.
The project is expected to require an investment of $10–15 billion (approximately ₹95,000 crore to ₹1.42 lakh crore), reflecting the scale of infrastructure needed for satellite manufacturing, launches, ground stations, and user terminals.
Regulatory Process Moves Forward
Following the successful technical review, the proposal is expected to move into the next phase of regulatory approvals.
The government may now assist Jio in securing orbital slots, coordinating spectrum usage, and filing applications with the International Telecommunication Union (ITU), the global body responsible for managing satellite orbit and frequency allocations.
Obtaining orbital rights remains a critical step, as Low Earth Orbit has become increasingly competitive due to the growing number of satellite broadband projects being planned worldwide.
Officials also indicated that the proposed satellite architecture has been designed to coexist with future Indian LEO constellations, allowing multiple domestic operators to share orbital resources efficiently.
Broadband, Mobile Connectivity, and Strategic Applications
Jio plans to use the satellite network to provide a range of communication services, including satellite broadband, mobile backhaul, enterprise connectivity, and direct-to-device (D2D) satellite communication, particularly in remote and underserved regions where conventional telecom infrastructure is limited.
The company also intends to establish 20 to 22 ground stations across India to support network operations.
Apart from commercial telecommunications, officials have highlighted the project’s potential strategic importance. A domestically developed satellite constellation could strengthen India’s communication infrastructure, reduce dependence on foreign satellite operators, and support national security requirements.
Reports suggest preliminary discussions are underway regarding the possibility of integrating defence-related payloads into some satellites, enabling both civilian and strategic use.
Major Step for India’s Space and Telecom Sectors
Industry analysts view the technical clearance as an important milestone in India’s expanding private space ecosystem. If Jio secures the remaining regulatory approvals and international orbital clearances, the project could become the country’s first large-scale indigenous LEO satellite broadband network.
The initiative also aligns with India’s broader efforts to expand digital connectivity while strengthening its presence in the global satellite communications market.
Business
Alleged Crores Pharma Scam Mastermind Arrested from Surat
After evading law enforcement for nearly 13 years, an accused linked to a large-scale pharmaceutical fraud case has been arrested by Delhi Police from Surat, Gujarat. The suspect is alleged to have orchestrated a series of financial scams involving fake identities, forged documents, and dishonoured cheques used to procure high-value pharmaceutical raw materials.
Authorities say the accused, identified as Himmat Singh Lodha, is believed to have defrauded multiple pharmaceutical companies in Delhi of goods worth approximately ₹98 lakh before disappearing and remaining underground for years.
Fake Business Deals and Dishonoured Cheques Used in Fraud
Investigators claim the accused posed as a legitimate pharmaceutical trader and placed bulk orders for expensive drug ingredients, offering post-dated cheques as payment security.
In one documented case from 2013, he allegedly obtained around 550 kilograms of Gliclazide, a diabetes-related pharmaceutical ingredient, valued at over ₹26 lakh. When suppliers attempted to encash the cheques, they were reportedly returned with the remark “account closed.”
Following the transaction, the accused allegedly vacated his office and rented residence and disappeared without settling payments. He was later declared a proclaimed offender in 2016 after repeatedly failing to appear before court proceedings. Authorities had also issued a reward for information leading to his arrest.
Multiple Identities and Repeated Fraud Pattern
Police investigations further link the accused to another cheating case dating back to 2012, where he allegedly used a fake identity, “Kailash Jain,” to obtain a large consignment of Ambroxol HCL, a pharmaceutical compound used in cough medications. The value of that consignment was estimated at around ₹72 lakh.
Officials believe the accused followed a consistent modus operandi—posing as a credible businessman, securing high-value goods on deferred payment terms, and then disappearing after delivery while shutting down business operations.
Investigators suspect that forged business records, fake company credentials, and fabricated financial histories were used to build trust with suppliers and gain access to expensive raw materials.
Multi-State Surveillance Leads to Arrest in Surat
A special Crime Branch team tracked the accused through coordinated surveillance efforts across multiple cities, including Mumbai, Ahmedabad, and Surat. After nearly a month of technical monitoring and intelligence gathering, officials located and arrested him from a residential area in Surat.
Authorities also revealed that the accused had been involved in property-related activities while staying under the radar to avoid detection.
Growing Threat of Corporate Identity Fraud
The case highlights a rising trend of organised financial fraud targeting industries that rely heavily on trust-based transactions and deferred payments. Experts note that criminals increasingly exploit gaps in corporate verification systems by using fake GST registrations, temporary offices, and forged documentation to appear legitimate.
Cybercrime and financial fraud specialists warn that such schemes are becoming more complex with the widespread availability of digital business tools, making it easier to create convincing but fraudulent corporate identities.
Experts Urge Stronger Due Diligence in High-Value Transactions
Experts, including former IPS officer and cybercrime specialist Prof. Triveni Singh, emphasize the need for stricter verification procedures in commercial dealings. He noted that relying solely on paperwork or digital business profiles can expose companies to significant financial risk.
Authorities and industry experts recommend physical verification of business operations, bank account validation, and detailed background checks before engaging in high-value or deferred-payment transactions—particularly in sectors like pharmaceuticals, where single consignments can involve transactions worth crores.
Business
EU Pressure Builds on Google as Regulators Face Calls for Massive Fine Over Search Practices
A growing coalition of European industry groups is intensifying pressure on regulators to take decisive action against Google over allegations of unfair search practices that could reshape competition rules across the region’s digital economy.
Investigation Under Digital Markets Act Gains Momentum
The case is being examined by the European Commission under the European Union’s landmark Digital Markets Act (DMA), introduced to curb the dominance of major technology platforms and ensure fair competition.
Launched in March 2024, the investigation focuses on whether Google has been prioritising its own services in search results, potentially disadvantaging rival businesses that rely on online visibility to reach customers.
Industry Groups Demand Swift Action
Several prominent European organizations have jointly urged regulators to conclude the probe without further delay. They argue that prolonged investigations allow alleged anti-competitive practices to continue, putting European companies—especially startups—at a disadvantage.
Signatories include the European Publishers Council, the European Magazine Media Association, the European Tech Alliance, and EU Travel Tech.
In a joint statement, these groups warned that delays in enforcement are affecting innovation, profitability, and growth prospects for regional businesses competing in digital markets.
Google Denies Allegations
Google has rejected claims of bias, stating that its search algorithms are designed to deliver the most relevant and useful results to users. The company has also proposed adjustments to address regulatory concerns.
However, critics argue that these changes are insufficient and fail to address the core issue of market dominance.
Potential Billion-Euro Penalties
If found in violation of the DMA, Google could face significant financial penalties. Under EU rules, fines can reach a substantial percentage of a company’s global turnover, potentially amounting to billions of euros.
Regulators may also impose corrective measures requiring changes to business practices, which could have long-term implications for how digital platforms operate in Europe.
Wider Implications for Big Tech
The case highlights ongoing tensions between European regulators and major U.S. technology firms. In recent years, the EU has taken a more aggressive stance in enforcing competition laws, aiming to create a level playing field for local businesses.
A final ruling against Google could set a major precedent, influencing future enforcement actions and shaping the regulatory landscape for global tech companies operating within Europe.
As scrutiny intensifies, the outcome of the investigation is expected to play a critical role in defining the future of digital competition across the European Union.
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