Late last year, Michigan became the first midwestern state to legalize adult recreational cannabis use.
Unfortunately, Michigan is still figuring out the rules for recreational cannabis sales, which means you can’t actually purchase any yet. While those rules are expected by June, a new report paints a rosy picture of the future of legal recreational cannabis in Michigan and the midwest.
According to a new report from the Brightfield Group (cited by the Detroit News), the recreational marijuana market in Michigan is set to rival Colorado and Nevada by 2023.
Between 2020 and 2023, Brightfield predicts that the state’s recreational market could triple in size, eventually becoming worth $650 million. This is a big deal because, as the Detroit News points out, none of the current top five cannabis markets are east of the Mississippi river.
But Michigan and states like New York and Illinois are poised to change that.
According to the report’s predictions, Western states like California could become worth only 20% of the overall American market.
Overall, the report states, the American cannabis market “will grow at a compound annual growth rate of 20% between 2019 and 2023 to $22.7 billion in sales” – of which, $16.8 billion will represent the recreational market.
Any way you look at it, the cannabis industry is only getting bigger.
h/t The Detroit News