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FILE – CannaBay Recreational & Medical Marijuana Dispensary is open Tuesday, April 20, 2021 on N. Sherman Street in Bay City. (Katy Kildee/[email protected])
(Katy Kildee/[email protected])
The Anderson Economic Group released a study on the growing Michigan cannabis industry on Monday. This is the first study of its kind by AEG, which is based in East Lansing. The study quantifies the size of the state’s cannabis market and was commissioned by the Michigan Cannabis Manufacturers Association, an association of several of the largest vertically integrated cannabis producers, processors and licensees, all of whom are licensed. by the Marijuana Regulatory Agency.
Main conclusions of study included that Michigan had a cannabis market of nearly $ 3.2 billion in 2020, with nearly 400 licensed medical supply centers and 300 licensed adult retail stores. One in five Michiganders said they had used cannabis in the past year, resulting in legal sales of nearly $ 1 billion in 2020.
“The Anderson Economic Group study reflects a vibrant regulated market with unlimited economic potential,†said Shelly Edgerton, Chairman of the Board of Directors of MCMA. “This includes an ever-increasing demand for medical and adult-use cannabis statewide. The study also suggests continued growth in state revenues for schools, senior programs, and other essential services. It’s good for all Michiganders, no matter if you use cannabis.
The regulated cannabis industry generated $ 169 million in tax and royalty revenue in 2020. However, some 70% of transactions in Michigan’s cannabis industry take place outside of retail stores. This includes illicit sales and off-the-book transactions, which remain the primary means by which Michigan residents obtain cannabis.
“Our research shows that legal cannabis offers a number of benefits in Michigan, including ensuring Michigan residents have access to a safe product that generates tax revenue for state and local governments,†Brian said. Peterson, director of public policy and economic analysis for the Anderson Economic Group. . “Our research also shows that a large amount of cannabis comes from sources that are not subject to state safety testing requirements. Transactions from these sources generally do not generate tax revenue.
This meant that much of the cannabis in the state came from sources that are not subject to Michigan safety testing requirements.
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