Since launching 1½ years ago, Michigan’s recreational marijuana program offers attractive market opportunities because of its large population, rapid sales growth, additional licenses and relatively affordable acquisition deals.
Monthly recreational marijuana sales in Michigan have exceeded $100 million since April, putting sales for all of 2021 on track to exceed $1.2 billion. That would be more than double the level of sales last year.
The 2021 MJBizFactbook projects that adult-use sales in Michigan will quadruple from roughly $500 million in 2020 to $2 billion-$2.5 billion in 2025.
Multistate operators increasingly are focusing on Michigan, but not to the extent that they have on fast-growing adult-use and medical states such as Illinois, Massachusetts and Pennsylvania.
“Activity is heating up in Michigan because the state so far has little (market) penetration” and few large players, said Frank Colombo, director of data analytics for New York-based Viridian Capital Advisors.
“It is in the process of consolidation.”
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