Despite only coming online last December, Michigan’s recreational market is growing at a record pace and is on track to generate between $400 million to $475 million in sales in 2020 alone. Even the ongoing pandemic has not stymied Michigan’s robust, albeit nascent cannabis market —the state reported $54.6 million in adult-use sales between March and May, with the number of retailers rising by 70% to keep up with growing demand.
Tag: Michigan
The compounding effect of the global pandemic and market downturn has thrown a wrench into most retail operations in recent months. While mainstream retail sales have been at all-time lows across the country, legal cannabis sales are still holding strong in several states due to its essential status. Despite being one of the more nascent markets in the country, Michigan has reported a $54.6 million increase in adult-use sales since the beginning of the pandemic and increased the number of licensed retailers in the state by 70% between March 2 and May 12.