The legalized cannabis market in Benzinga’s home state of Michigan is “growing exponentially,” and the COVID-19 pandemic hasn’t prevented new businesses from entering the market, according to Michigan’s top marijuana regulator.

Andrew Brisbo, the executive director of the Marijuana Regulatory Agency, spoke Tuesday at Benzinga’s virtual Cannabis Capital Conference.

Michigan’s Growth Since December: Recreational cannabis went on sale in Michigan in December 2019, and at that time monthly medical marijuana sales totaled about $26 million, Brisbo said.

Fast forward to March, and total marijuana sales in the state were $52 million, growing to $109 million in July.

Despite sales increasing by more than a factor of four in just a few months, the market is still in its infancy.

Even if total sales for 2020 surpass $1 billion, that figure represents one-third of the total potential of the Michigan market, Brisbo said. 

This story was published in Benzinga.Com