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Michigan made history during the November midterm elections in 2018 when its residents voted “yes” on Proposition 1 making it the first Midwest state to legalize adult-use marijuana.
The measure that made medical marijuana legal in 2012 fell short of being able to put together a well structured market and the first dispensaries did not open to patients until November of 2018. After years of watching west coast states legalize and implement recreational marijauna markets, Michigan is ready to join the progressive ranks of states embracing the end of prohibition.
CannaCon is coming to Detroit once again this June 21st and 22nd at the COBO Center to help Michigan businesses better understand how to establish their foothold in the market. You will meet wholesale vendors offering fantastic pricing on packaging that meets state regulation standards, along with processing equipment for trim, extracts and more. Find advertising agencies and marketers to help your company grow. You will meet with other seasoned professionals in the cannabis space that will provide you invaluable insights on how to best structure your business and optimize if for top growth potential.
Michigan’s Importance to the United States Culturally and Economically
Detroit and the rest of Michigan represent the heart of the United States. Hard working families and companies made Detroit a center of commerce for many industries, not least of which was the automotive space. From the beautiful shores of Lake Michigan dotted with over 100 lighthouses, to the bustling commerce and nightlife of Detroit, Michigan remains a major tourist destination. Now it is ready to pioneer yet another massive industry, cannabis. This new space can reinvigorate towns and cities throughout the state and give birth to a new era of commerce and revitalization.
The Current Status of Michigan’s Cannabis Industry
Last count, Michigan had around 297,000 medical marijuana patients, and according to Statista the cannabis industry in Michigan will be worth nearly $900,000 million dollars by 2025. In just the first four months of sales, more than $42 million worth of cannabis was sold. Projections for the state are extraordinary and if other states are any sort of indication, the growth potential could far exceed projections.
If we look at a state like Massachusetts, the first East Coast state to legalize recreational marijuana, Michigan has a lot to look forward to. In the first week of sales and with only a small handful of stores open, MA sold almost $24 million worth of cannabis. Illinois, the state geographically closest to Michigan that is seriously considering legalizing adult-use cannabis after electing a pro-cannabis governor, is still likely years away from the commercial sale of cannabis. In other words, residents of states surrounding Michigan are likely to pour in to take advantage of the new cannabis market. Dispensaries are expected to be up and running early next year. When people take the time to drive to another state to checkout the new and fascinating cannabis industry, they tend to stick around for a while. Cities like Detroit and towns around Michigan that permit dispensaries can expect an influx of tourists eating at their restaurants and shopping in their stores.
April, 2020 or 4/20
Amazingly, next year will be 2020. Beyond the start of a new decade, 2020 represents something particularly special to cannabis consumers. As you may well be aware, the number 420 has tremendous significance to the people that love cannabis. A tradition that started many years ago has turned into an unofficial global holiday. On April 20, 2019, cannabis sales in recreational states doubled from the year before. While numbers are still coming in for total sales from last 4/20, here are some estimates from Bloomberg:
- California made about $6.9 million
- Colorado made about $9.1 million
- Nevada made about $3.5 million
- Washington made about 7.1 million
April 20, or 4/20, is the equivalent of Black Friday for traditional retailers. If you have not already figured it out, in the year 2020 the entire month of April is 4/20. The cannabis community’s anticipation for next April is palpable which puts Michigan in an incredibly fortunate position. Recreational cannabis dispensaries are anticipated to open early next year making Michigan the only Midwest state cannabis consumers can visit in the heartland on 4/20. The financial opportunity is significant, but only if cannabis businesses are prepared to take full advantage of it.
Michigan’s Incredible Opportunity with Hemp
Michigan is one of the most agriculturally diverse states in the country. Some of top cash crops are corn, soybeans, sugar beets and wheat. Hemp is now legal nationally in the United States after the Hemp Farming Act passed with the 2018 Farm Bill. Nearly 80 years after hemp became a controlled and illegal substance, it is now expected to become a major cash crop throughout the U.S. Some states are better equipped to grow hemp than others though and Michigan is one of those states. Not only is hemp projected to produce $200 – $400 an acre, it is also reported to be excellent for adding nutrients to the soil and for crop rotation. Michigan farmers have every reason to believe that their other crops will perform better by adding hemp into the mix.
When it comes to cannabis business conventions, CannaCon is one of the best for actual networking. Other cannabis conventions are still working out organizational problems while others have become so big that there ends up being hardly any real networking opportunities at all. At the big events, you have a tiny window of time to grab a business card, exchange pleasantries and hope you made enough of an impression before the throng of people wash you away. With over 200 exhibitors and great keynote speakers, CannaCon is a great place to learn and meet the people that can help your company grow. You should expect the time and ability to sit down for meaningful meetings.
Don’t miss out on CannaCon this June 21st and 22nd at the COBO Center. Click HERE to get tickets now. Catapult the massive potential of the cannabis industry for Michigan forward by learning the best business practices out there for the hemp and cannabis industry.