Michigan’s Marijuana Business Sees Sales Boom
Ever since Michigan legalized recreational marijuana use, the state said they have seen sales take off. Michigan used to look to Colorado and California on how to regulate the industry. Now, they said the state is looked at as a leader.
Michigan is one of 16 states where recreational marijuana is fully legal. According to the state, recreational marijuana generated $83 million in tax revenue last fiscal year. This year, it's expected to top $165 million.
According to Michigan Marijuana Regulatory Agency Executive Director Andrew Brisbo, recreational and medicinal use netted $776 million in the fiscal year 2020. This year, he's projecting $1.3 billion. Brisbo commented to Fox 17,
"I'm not sure the industry could have grown any more than it did during the pandemic. I think it's surprised us all."
Michigan is using the funds to funds for road repairs, schools, and it goes back to communities with marijuana businesses. Marijuana is still considered illegal on the federal level. Brisbo said federal policy reform seems to be on the horizon and he wants to make sure states are able to give input.
Lake Superior State, the first accredited college of its kind, is launching a scholarship in cannabis chemistry. The future chemists will work in a lab to ensure product safety and compliance. They will also analyze what's in the plant. Brisbo added,
"Those programs are very important for the growth of the industry and in terms of building consumer confidence and starting to normalize the industry itself in the cannabis space."