The Great Lakes State has the second-largest medical marijuana patient base in the country, trailing only gigantic California. A shift in Michigan’s medical marijuana market is no small event.
Major legal weed markets have opened up on the West Coast — California, Washington, Oregon, Nevada and Alaska — and New England, with Maine, Massachusetts and Washington D.C. But the Midwest remains largely untapped.
Michigan’s new licensing and seed-to-sale tracking system for medical marijuana opened for applications in December, and observers expect to see a ballot question on recreational marijuana in Michigan in November.
If recreational marijuana were legalized in Michigan, the regulated market “will likely serve as a catalyst for other states in the Midwest to rethink existing laws and follow suit with full legalization,” Matt Karnes, founder and managing partner at GreenWave Advisors, told Benzinga.
Michigan As A Proxy For Middle America
“Michigan is a very large market that has been legal but unregulated, similar to California, so there’s a huge potentially addressable market there,” Matt Karnes said. “Being in the Midwest means we are now seeing cannabis hit mainstream U.S.A.”
According to the firm’s calculations:
There are about 850,000 potential patients that would qualify for medical marijuana in Michigan. The medical marijuana market in the state hit roughly $630 million in sales in 2017. There are enough signatures to put recreational use on the ballot in November. “We expect this bill to pass, so we have already factored this into our estimates,” Karnes said. A combined recreational and medical marijuana market would be operational by 2020 and could reach approximately $1.2 billion in annual sales, according to GreenWave. When Will Marijuana Be Legal In Michigan?
In 2008, Michigan voters