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Below is a brief excerpt from a complimentary research note written by our Cannabis analyst Howard Penney. We are pleased to announce our new Sector Pro Product Consumables Pro. Click HERE to learn more. |
November’s total legal sales were $91.9 million, putting YTD sales at $883.5 million and suggesting annualized revenues of $1.1 billion.
Since peaking in July at $109.6 million, legal sales have slowed in the state, with November sales declining -10.7% sequentially.
While sales may not clear $1 billion in Michigan’s first full year of recreational sales, it’s almost guaranteed to do so come 2021 – last month, Michigan’s largest city, Detroit, passed an amended ordinance to allow adult-use sales within the city.
Michigan’s Marijuana Regulatory Agency (MRA) estimates that legal sales could reach $3 billion with 4 million consumers within 3 years.
Andrew Brisbo, director at the state agency, recently commented, “We have estimates in our economic analysis that are more based on population and surveys from anticipated consumers and models from more mature states like Colorado. The number of potential and likely adult-use consumers in Michigan is ... close to the four million marks."
Hitting that 4 million marks would suggest over 57% of Michigan’s population over 21 as part of the legal market.
