At 2020 prices, the flower in one Michigan eighth was worth about $19 wholesale. Today the whole eighth lists for $24 on a Michigan menu.
That gap is the backdrop to a story Forbes ran last month. Michigan grower Harbor Farmz says its price per pound fell from about $2,500 in 2020 to about $700, and it is trying to sell its Kalamazoo facility to a data center developer. A local moratorium has that deal on hold until August 2027.
We looked at what Michigan's dispensary menus say about that market.
What Michigan's menus show
- Cheap: the average listed eighth is $23.97, third-lowest of any state with 50+ stores. The US average is $33.66.
- Crowded: 1.53 million menu listings across 731 stores, second only to California, which has more than twice the stores.
- Stocked: 20.0% of Michigan menu lines are marked out of stock, against 24.1% across US states.
- Flower-led: flower is 34.7% of Michigan revenue, the largest category, so flower prices set the tone for the whole market.
The grower's math
- At $2,500 a pound, the flower in an eighth is worth about $19.29.
- At $700 a pound, it is worth about $5.40.
- That is roughly 23% of today's average listed shelf price.
The oversupply map
Michigan isn't alone. Six states pair an eighth under $27 with out-of-stock rates below the US average:
- Oklahoma: $18.26, 21.6% out of stock
- Michigan: $23.97, 20.0%
- New Mexico: $24.14, 22.2%
- Oregon: $24.48, 20.0%
- Maine: $26.56, 17.1%
- Montana: $27.00, 15.8%
Cheap and fully stocked at the same time is what too much supply looks like from the shelf. Colorado has cheap eighths too, but 27.5% of its lines are out of stock, which points to a tighter market.
Our view: in these six states, the menu is already telling growers that more canopy won't earn its keep. That's why the building, not the crop, is starting to look like the valuable asset.
Prices are average listed menu prices (Nov 7) and stock is the share of menu lines flagged out of stock (Nov 5). These are menu listings, not sales.
If you run a grow in one of these states, what would you do with the building if the right buyer called?
Source: Trees.Cloud menu data. News: Forbes.
The Forbes story on growers pitching their facilities to data center developers: https://www.forbes.com/sites/willyakowicz/2026/10/21/inside-the-weed-industrys-ai-data-center-pipe-dream/
#cannabisindustry #cannabisprices #Michigan #datacenters
