LANSING, Mich. (Michigan News Source) – The Michigan Cannabis Regulatory Agency says marijuana prices are down 40 to 50-percent and supply is far outpacing consumption. That means a lot of mom-and-pop dispensaries are risking going out of business if the situation does not improve.

The majority of growers at the Cannabis Regulatory Agency public quarterly meeting held in Lansing on Wednesday, identified themselves as small players in the 3-year-old recreational market and asked regulators to stop issuing new grow licenses, at least temporarily. They also want to cap the number of plants any single business can grow to 10,000.

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Over the last year, recreational marijuana flower prices have sunk almost 50% while recreational marijuana sales are up 126%, outgoing CRA Director Andrew Brisbo said, indicating increased market saturation.

Fewer than 120 of Michigan’s 1,773 cities, villages and townships have opted to allow recreational marijuana sales.