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Michigan Report: Hashish Dispensaries Not The Essential Supply Of Weed Purchases

By Jelena Martinovic

Anderson Financial Group’s principal and CEO Patrick L. Anderson joined by AEG marketing consultant Andrew Miller testified on Tuesday earlier than the Michigan Home of Representatives Committee on Regulatory Reform.

On the invitation of the committee chair, the audio system gave testimony concerning the economics of Michigan’s hashish market. They offered their findings primarily based on AEG’s first-of-its-kind examine quantifying complete demand for hashish merchandise within the Nice Lake State.

cannabis sales
Photograph by Michele Ursi/Getty Photographs

Listed here are a number of the key factors from the testimony:

  • Michigan, Benzinga‘s dwelling state, had an almost $3.2 billion hashish market in 2020, with almost 400 licensed medical provisioning facilities and 300 licensed adult-use retail shops, accounting for 16% and 15% of market measurement, respectively.
  • Roughly 70% of the state’s hashish consumption happens exterior of retail shops, both by way of dwelling cultivation, medical caregivers, or illicit transactions, accounting for the remaining 69% of the market measurement.
  • Greater than 80% of Michiganders now dwell inside a 20-minute drive of a leisure hashish store or medical provisioning heart, with one in 5 Michiganders reporting hashish use in 2020.
  • Throughout 2020, almost $1 billion in authorized gross sales had been reported, and the regulated hashish business generated $169 million in tax and payment revenues.

RELATED: Michiganders Search Extra Transparency As Hashish Gross sales Proceed To Rise

“Over these six years, we’ve noticed regular progress in client demand for hashish in Michigan,” AEG marketing consultant Miller commented. “Though the primary medical provisioning facilities opened in 2018, and the primary adult-use shops in 2019, most hashish was obtained exterior of retail settings in 2020.”

In response to a latest statewide ballot performed by Greenberg Quinlan Rosner Analysis and Public Opinion Methods and commissioned by the Michigan Hashish Producers Affiliation (MCMA), over 78% of Michigan residents help the thought of each medical and leisure hashish being topic to the identical regulation, together with testing, monitoring, licensing and security.

RELATED: Michigan Report: Hashish Billboards Up However Lawmakers Need Them Down

The survey additionally confirmed that 82% of respondents help requiring unlicensed marijuana growers (UMG) to check their product for dangerous substances utilizing the identical requirements as present licensed growers and processors.

This text initially appeared on Benzinga and has been reposted wit permission.

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