A study has revealed that the legal marijuana market in Michigan may outpace Colorado in sales soon.
It is by early 2020 that Michigan’s first recreational marijuana dispensaries are expected to open.
A report entitled, “Crossing the Mississippi: U.S. Cannabis Market Report 2019” by Brightfield Group, has found that Michigan’s recreational market is expected to grow three-fold between 2020 and 2023, with annual sales reaching $650 million.
Nationwide, sales in the legal cannabis industry are expected to more than double by 2023, from $11 billion this year to $22.7 billion in four years.
“The majority of growth will be driven by recreational sales, particularly from newly-opened, fast-growing states in the Midwest and on the East Coast,” Brightfield Group researchers stated.
A Michigan Senate Fiscal Agency report had found that the excise and sales taxes on recreational marijuana in Michigan are expected to generate $77.1 million in the 2019-20 fiscal year. In four years, the agency projected the tax revenue will exceed $260 million.
