When Greenhouse of Walled Lake opened in 2019, it catered to Michigan’s medical marijuana market, and business was booming. Recreational marijuana sales began later that year statewide, opening the door to new customers — and competitors.
As the state’s cannabis market took off, new operators flooded in and profit margins thinned.
“We’re oversaturated,” said Jerry Millen, owner of Greenhouse. “Too much product, too many stores to the point where people are just giving the product away.”…