How is recreational marijuana selling in Michigan? $ 1 billion in just 12 months and counting
Michigan citizens sure set their weeds on fire last year. They smoked and dosed until all sales lit up – almost 482% more!
The Michigan recreational cannabis market totaled $ 984 million and more. all in its first year of adult sales.
I assume the only additional activity Michigans participated in over the past 12 months was smoking weed all day. However, it’s not that they had many options to choose from.
In November 2018, Michigan voters approved legalization of adult cannabis. However, the recreational cannabis market was launched in December 2019. A few months later, it was more than $ 500 million.
The state now has 260 recreational cannabis stores and more than 410 licensed medical marijuana pharmacies, according to a report in the Detroit Metro Times.
The state agency recently granted new permits to 91 cannabis dispensaries – 45 for adult marijuana stores and 46 for medical cannabis stores.
Thanks to robust sales and never-ending demand, more and more entrepreneurs are showing interest in the state cannabis industry. And there is room for more growth as the problems with obtaining licenses for these pharmacies gradually decrease.
It’s also worth noting that fewer than 100 parishes in Michigan prohibit recreational cannabis sales. Michigan has 1,764 parishes.
Medical and recreational marijuana sales in the state rose in 2020. Demand shot through the roof and growers had to work around the clock to meet the demand.
Total first year sales for both markets were $ 984.6 million. The largest part, $ 510.7 million, comes from recreational use. Medical weed sales were $ 474 million. (Data obtained from Michigan Marijuana Regulatory Agency)
Headset, a cannabis user trend researcher, announced that Michigan adult marijuana sales rose over 482% from January through December. In January 2020, total adult weed sales were nearly $ 10 million, and less than 12 months later, total sales were over $ 57 million at $ 200,000.
Medical sales were not left behind. At one point in the year, the medical cannabis industry was seeing more sales than the recreational market. This turned around in the second half of 2020. By December, the recreational market had reached and exceeded total medical sales by at least $ 32 million from the previous point in time of approximately $ 9.8 million.
A study was recently published in the Journal of Drug and Alcohol Dependence. It found that marijuana sales rose around 13% by the end of each year and sales fell at the beginning of the year. Most of the time, it’s the lowest point in January as debt has been incurred on the vacations that have just been completed.
In addition, people have an affinity for a dry month, and January is the most preferred month when many abstain from using any substance. Weed or alcohol.
After the month of abstinence, or when the year becomes more intense, most return to their vices.
The breakdown for total Michigan cannabis sales is as follows;
The good, old-fashioned flower and its clipped buds account for 47% of total adult sales
Vape pens rank second at 20.6%
Edibles increased 14.9%
The Michiganians ramped it up and lit more weeds by the end of the year. The state’s cannabis delivery services had a very profitable year in 2020. One such company, Lantern, announced that orders were up 89% a few days before Christmas. Just when they thought that was all, just three days before the New Year; Orders rose another 55%.
The top ten strains Michigan weed users bought the most in 2020 are White 99 from Cloud Cover (this strain turned out to be a bestseller), Tiki Rain, Triple Scoop, Monkey Mints, Tiki Cookies, and four strains from the Pleasantrees growers .
Some of the products that Michigan cannabis users enjoy extensively in no particular order include:
White 99 flower of the cloud cover
Fluresh Critical Hog Flower
Prepackaged Fluresh Critical Flower
Kushy Punch’s indica gummies
(This data was obtained from the data publisher Cannabis Delivery Services Lantern.)
The Michigan cannabis market has maintained and surpassed its monthly records from the fourth quarter of 2020. Michigan posted record sales of $ 115.4 million in March 2021 compared to March 2020. This is twice as much as in March 2020.
The Detroit Metro Times reports that over 1.4 million separate purchases were made across the state in March.
As the year progresses, demand is expected to increase in both the recreational and medical marijuana markets. There will be no immersion in the look of things. It is predictable that the demand for recreational marijuana will increase over its counterpart to medical marijuana. It is also likely that recreational cannabis purchases will exceed total medical marijuana sales.
Headset predicts another significant increase in recreational cannabis sales for April. This is due to the unofficial cannabis holiday, which takes place on April 20th (April 20th) every year.
An aggregate record of at least $ 1.3 billion in total cannabis sales in the state is expected by the end of the year.
Despite being one of the worst cannabis-related incarceration-related states in the Midwest, Michigan has benefited greatly from its cannabis reforms. The state’s economy has grown significantly and the tourism industry appears to be making headway.
With manufacturing capacity increasing, the Michigan cannabis industry is just around the corner. In terms of sales, sales this year are expected to exceed last year’s.
This is commendable as the state’s regulated program is relatively new compared to other states.
Other states are likely to be inspired to follow suit with the introduction of adult sales cannabis reforms.
MICHICAN CANNABIS NEWS, READ MORE …
MICHIGAN MARIJUANA SALES SURGE AS THE VOTERS TAKE!
MICHIGAN TREEHOUSE DISPENSARY OPENS BIG SALE!