By Jelena Martinovic
Anderson Financial Group’s principal and CEO Patrick L. Anderson joined by AEG specialist Andrew Miller testified on Tuesday just before the Michigan House of Reps Committee on Regulatory Reform.
At the invitation of the committee chair, the speakers gave testimony about the economics of Michigan’s cannabis sector. They presented their conclusions dependent on AEG’s to start with-of-its-form analyze quantifying total desire for hashish products and solutions in the Great Lake Condition.
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Here are some of the vital factors from the testimony:
- Michigan, Benzinga‘s home point out, had a approximately $3.2 billion hashish current market in 2020, with almost 400 licensed healthcare provisioning centers and 300 certified grownup-use retail shops, accounting for 16% and 15% of marketplace size, respectively.
- About 70% of the state’s cannabis intake happens outside the house of retail suppliers, both through household cultivation, health-related caregivers, or illicit transactions, accounting for the remaining 69% of the current market measurement.
- Much more than 80% of Michiganders now are living inside of a 20-moment drive of a leisure cannabis shop or medical provisioning middle, with one in 5 Michiganders reporting cannabis use in 2020.
- For the duration of 2020, almost $1 billion in authorized profits were being described, and the controlled cannabis marketplace generated $169 million in tax and payment revenues.
Linked: Michiganders Look for Additional Transparency As Cannabis Product sales Proceed To Increase
“Over these six decades, we have noticed continuous progress in shopper demand for cannabis in Michigan,” AEG expert Miller commented. “Although the very first professional medical provisioning facilities opened in 2018, and the very first grownup-use retailers in 2019, most hashish was acquired exterior of retail settings in 2020.”
According to a the latest statewide poll carried out by Greenberg Quinlan Rosner Investigate and Community Impression Methods and commissioned by the Michigan Hashish Makers Association (MCMA), about 78% of Michigan people aid the strategy of equally health care and recreational cannabis remaining subject matter to the very same regulation, which includes screening, monitoring, licensing and safety.
Relevant: Michigan Report: Hashish Billboards Up But Lawmakers Want Them Down
The survey also showed that 82% of respondents assistance demanding unlicensed cannabis growers (UMG) to test their item for unsafe substances using the exact same expectations as recent licensed growers and processors.
This article at first appeared on Benzinga and has been reposted wit authorization.