Michigan’s Cannabis Market is Booming
Anderson Economic Group released a new study on Monday. Some of the findings include Michigan's cannabis market is worth almost $3.2 billion dollars. The study was commissioned by the Michigan Cannabis Manufacturers Association.
The research concluded that Michigan continues to have growth in state revenues for schools, senior programs and other essential services. However, MCMA says there are “major storm clouds on the horizon.”
Stephen Linder, executive director at MCMA said,
"Large quantities of untested, illicit cannabis continue flooding the market."
About 70% of revenue gained from cannabis sales in Michigan are obtained in retail stores. Other findings include:
- Michigan had a nearly $3.2 billion cannabis market in 2020, with nearly 400 licensed medical provisioning centers and 300 licensed adult-use retail stores
- One in five Michiganders report cannabis use in the past year, resulting in nearly $1 billion of legal sales reported in 2020.
- The regulated cannabis industry generated $169 million in tax and fee revenues in 2020.
- Illicit sales and other “off-the-books" transactions remain the primary way in which Michiganders procure cannabis.
Steven Linder added,
"The study makes clear Michigan can and should be a leader in cannabis safety, innovation and entrepreneurship."
The Anderson Economic Group who performed the study is a boutique consulting firm that specializes in public policy, business valuation, and market and industry analysis.
The Michigan Cannabis Manufacturers Association is Michigan’s leading cannabis industry association, representing nearly half of all multiple Class C cannabis licenses in Michigan. MCMA states,
"We all have an interest in reining in Michigan’s illicit cannabis market to promote safety, transparency and accountability."
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