US (MI): Most cannabis owners don't want to sell their business, data shows

Despite the challenges in the Michigan market, cannabis operators are preparing to expand.

The 2023 Michigan Cannabis CFO Outlook found that a quarter of cannabis companies in the state were actively seeking capital for expansion at this time, while nearly half said they plan to look for capital within the next 12 months.

The data, analyzed by A&K Research for use by Rehman Business Consulting, represented cannabis companies with revenue ranging from $5 million to more than $100 million. Nearly half – 47% – of the participants said they were vertically integrated.

The companies surveyed also said they believe that the average annual revenue per cannabis store in Michigan is between $1 million and $3 million.

Not for Sale
The report also noted that the heady days of mergers may be over, as only 22% said they were likely to close on an acquisition in the next year. Companies that said they would not or were not likely to close an acquisition in the next 12 months accounted for 61% of the respondents.


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