Michigan’s cannabis market is “maturing rapidly” and stands to become a major component of the state’s economy, according to a new report commissioned by the state cannabis regulators.
However, there are two main barriers to growth that researchers identified: 1) too many local jurisdictions have opted out of allowing cannabis businesses to operate, and 2) the process of getting cannabis products tested is excessively long.
The analysis, which conducted by Michigan State University on behalf of the state Marijuana Regulatory Agency, looked at the potential economic benefits of the state’s adult-use cannabis program. Researchers found that as the market evolves over the next few years, cannabis sales will reach around $3 billion per year and the industry will create about 13,500 jobs. Tax revenue from legal sales is estimated to hit about $495.7 million on an annual basis.
The researchers also took into account all of the ancillary businesses that will be impacted as the cannabis market grows and found that the “total economic impact is estimated to be $7.85 billion with a total impact on employment of 23,700.”
Read more at marijuanamoment.net
