Pot Sales Generated A Multi-Billion Dollar Industry In Michigan
Medical marijuana was legalized in Michigan well over a decade ago, and in the past couple of years Recreational Marijuana for those 21 and over has also been legalized in Michigan. The Lansing/East Lansing area boasts around 22 dispensaries, with most in Lansing. Recently the Anderson Group did a study to get an idea of the size of the cannabis industry in Michigan.
This study shows that Michigan created a Billion dollar cannabis industry in 2020, and that backs up the assumption that the demand for cannabis in Michigan is high. This study was commissioned by the Michigan Cannabis Manufacturers Association.
“The Anderson Economic Group study reflects a vibrant regulated marketplace with unlimited economic potential,” said Shelly Edgerton, chair of the MCMA board. “This includes continually growing demand for medical and adult-use cannabis across the state. The study also suggests continued growth in state revenues for schools, senior programs and other essential services. That’s good for all Michiganders, regardless if you consume cannabis.”
This study also sheds light on the fact that large amounts of untested, illegal cannabis is still flooding our market. About 70% of cannabis transactions in Michigan happen outside of licensed retail stores. This is still the primary way people here get their cannabis on the black market.
The industry generated about $169 million in tax revenue for the state last year with a billion in sales reported. We have a 3.2 billion dollar cannabis market with almost 400 licensed medical provisioning centers and about 300 licensed adult use retailers. Only about 30% of cannabis sold in Michigan is sold legally, and that was a surprising number.
See the whole story here Fox 17.
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