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Loom Cannabis tells committee Michigan oversupply and new wholesale tax could drive closures; urges export options
Summary
Executives from Loom Cannabis told the committee Michigan has a large oversupply of cannabis product, that a proposed wholesale tax and tightened payment terms could force many small businesses to close, and urged allowing licensed Michigan firms to export federally‑compliant THC products as a market solution.
Representatives of Loom Cannabis told the House Regulatory Reform Committee that Michigan faces a substantial oversupply of cannabis product and urged state policymakers to consider allowing licensed Michigan manufacturers to export federally compliant THC products to national markets.
Kevin Blair and company representatives from Loom described the company—s growth and argued that a combination of an incoming wholesale tax and potential payment‑on‑delivery rules would reduce in‑state sales and exacerbate oversupply. "There's about a million pounds of oversupply in the current Michigan market right…
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