Michigan’s Cannabis Market Could Reach $3 billion, 4 Million Customers In 3 Years
DETROIT – Recreational Cannabis has taken off in Michigan with the legal cannabis market being forecast to exceed $3 billion in value comprising a projected 4 million customers by 2023. Michigan’s Marijuana Regulatory Agency director Andrew Brisbo, who was quoted on a recent episode of the Four20Post podcast and reported by The Social Revolution, an information and advocacy group in cannabis.
(Picture: Michigan’s Marijuana Regulatory Agency director Andrew Brisbo)
“We have estimates in our economic analysis that are more based on population and surveys from anticipated consumers and models from more mature states like Colorado,” Brisbo said. “The number of potential and likely adult use consumers in Michigan is … close to the four million mark.”
Which would represent a market universe of about half the adult population in the state.
Brisbo added though the projections are always difficult in a new market, admitting that the market fell short of initial projections, which suggested the state’s cannabis market $1 billion by year’s end.
“We are not going to make a billion (dollars) this year,” Brisbo said. “We’ll get well over a billion next year. I don’t think we’ll have any challenge there.”
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