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In recent months, there has been increasing pessimism among some individuals regarding the outlook for cannabis businesses in Michigan. This has largely been due to decreasing wholesale prices and increased saturation in some markets, which in turn has created the narrative that there is no money left to be made in cannabis.

This narrative, however, is misguided and advanced mainly by individuals who do not understand current industry dynamics.

Cannabis sales across Michigan continue to rise each year. In fact, 2021 was Michigan’s biggest year yet, with total cannabis sales reaching $1.79 billion. 2022 is already on track to surpass that, with sales up 44% year-to-date.

Additionally, the overwhelming majority of cities and townships in Michigan have yet to opt-in for MRTMA. In Metro Detroit, for example, only 16 out of the 185 total cities and townships have opted-in. This leaves hundreds of untapped markets across the state that will present new opportunities for years to come, as more cities continue to opt-in.

While the market has indeed changed compared to a few years ago, that does not mean that it is no longer worth pursuing a cannabis business; far from it. It just means that new approaches are required to ensure that your business is successful.

In the industry’s early days, you could essentially open up shop anywhere and expect to be profitable. That is no longer the case. Market conditions have changed and become more saturated, and the wholesale price of product is nowhere near what it used to be.

To read more, click on Midwestern Cannabis

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