Just more than a year after recreational cannabis sales began in Michigan, the state’s legal cannabis market has grown by leaps and bounds and shows no signs of slowing down any time soon. In December, Michigan showed the highest growth in sales of any legal cannabis market in the U.S., posting a 146% gain in gross merchandise value over the previous year, according to data from wholesale cannabis marketplace LeafLink.
Jeff Radway, the CEO of premium cannabis purveyor Skymint, says that Michigan’s recreational cannabis market has developed “at the speed of light” since legalization.
“It’s been a fascinating challenge to keep pace with. In December of 2019, Michigan became the tenth state in the U.S. to legalize adult-use cannabis,” Radway wrote in an email to High Times. “Less than a year in, it surpassed Nevada to become the fifth highest-grossing state for cannabis sales and is now on track to surpass $1 billion in sales in 2021. In addition to its fast-growing new recreational market, Michigan’s medical market is ranked #2 in the country, second only to California.”
Medical Marijuana Leads The Way
Michigan’s success is due largely to its existing infrastructure for medical marijuana, which was legalized in 2008.
Bud Digest[otw_is sidebar=otw-sidebar-8]