DETROIT – Michigan recreational cannabis sales are on track to surpass $1 billion in the next 12 months. The Michigan Marijuana Regulatory Agency provides a very detailed breakdown of their market from volumes sold to value of products sold.
January and February set records already at about $67 million each. Now, their March report shows revenue reached a new record high of $98 million in March, + 44% increase from the previous high and +179% up versus the same time a year ago.
Reporting in MLive.com Javier Hasse, CEO of El Planteo and managing director of Detroit-based Benzinga Cannabis said “This is nothing unusual. Many other states have followed very similar trajectories. Demand and conversion grow as the market matures.“We’re seeing a clear spike in demand likely driven by increased conversion of customers from illicit to legal markets and the opening of multiple retail locations across the state,”
“What’s more, sales should hit a new record in April of 2021. Last year, sales jumped 48% month-over-month during the week of April 20. Nationally, sales (were) expected to hit $370 million in the five days leading up to 4/20,” according to MLive.com reporting.
Michigan reported more than double 4/20 sales this year. They reported $10 million in cannabis sales just on 4/20 this year, versus $3.7 million in 2020.