Many have high hopes for Michigan’s budding industry.
Michigan’s “green rush” is officially on. Legalized medical marijuana laws have opened the gateways to a multibillion-dollar industry promising to create economic growth across the state, and interested entrepreneurs are eager to stake their claim.
In the eyes of an increasing number of industry analysts, cannabis has already become too big to fail. Up nearly 26 percent since 2015, it’s one of the fastest-growing industries in the U.S., according to ArcView Group Cannabis Investment & Market Research, and medical marijuana alone could reach a net worth of $5 billion annually by 2020.
By that same year, economists predict the legal marijuana industry could generate up to $556 million annually for the state of Michigan. “It can generate significant revenue and jobs,” said Dr. Gary Wolfram, a professor of economics and public policy at Hillsdale College. “It will create a robust marketplace that will provide a positive economic impact.”
As it stands now, each city in the state can determine whether it will award medical marijuana licenses for businesses in its jurisdiction. There is a $6,000 fee required with the license application, along with a stringent list of qualifications applicants must meet. Cities like Troy, Ferndale, Waterford, Hazel Park, Warren, Harrison Township and Harper Woods are currently in the process of deciding which businesses they will allow. Ordinances are expected to pass early this year.
Jerry Millen, owner of Green House, a dispensary in Walled Lake; Anthony Sabatella, owner of Green Solutions in Sterling Heights; Amanda Kugler, owner of Bricks + Mortar Cannabis Insurance; Rob Teitel, co-owner of Iron Labs, Walled Lake; and Mort Meisner and Mark Meisner, co-owners of Grow Cannabis Marketing. CHANGING FACE OF
With the huge influx of opportunities within the lucrative cannabis industry, many are entering the arena in