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Michigan cannabis market speeds ahead

The influx of cannabis stores and news surrounding the industry is not just a flash in the pan. The sector continues to grow, and Michigan is one of the largest markets in the U.S.

Michigan is already a $2 billion cannabis market, making it the second-largest cannabis market in the U.S., according to research firm Headset. That comes after cannabis sales in Michigan grew by 28.2% in the past year, the strongest growth of any market. Other Headset-tracked markets shrank a combined 5.4% during the year.

It does not appear as though cannabis sales will dip in Michigan anytime soon, as Headset projects the market will reach $2.5 billion by 2025. September was a record for cannabis sales in Michigan, hitting $195 million in adult-use sales, according to the Michigan Cannabis Regulatory Agency.

“The U.S. cannabis market as a whole has struggled to grow sales in 2022 after a cannabis boom during the peak years of the pandemic,” the report read. “However, Michigan, like other newer adult-use markets, has managed to grow. The Great Lakes State has experienced double-digit growth by significant increases across nearly every product category.”

To read the complete article, go to www.grbj.com


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