A recent report from Michigan Radio confirmed that $200 million worth of recreational cannabis products were purchased during the first seven months of 2020. The state launched its adult-use cannabis market on November 1, 2019.

This past June, sales of recreational cannabis in Michigan exceeded medical cannabis sales on a weekly basis; marking the first time that this has happened since the recreational market’s inception. With the exponential sales revenue comes a healthy chunk of tax revenue — $35 million to be precise.

Sales have been climbing consistently, with state-licensed retail stores and dispensaries recording weekly transactions ranging between $10 million and $14 million over the last two months. This is based on data disclosed by the Marijuana Regulatory Agency, which, according to the website, acts as “the national model for a regulatory program that stimulates business growth while preserving safe consumer access to [cannabis].”

Many medical cannabis patients are migrating to Michigan’s recreational cannabis market

Between the months of June 8 and June 14, recreational cannabis sales in Michigan amounted to $10.02 million. This is based on a report published by MLive.com, which indicated that adult-use sales managed to surpass revenue that was harvested from the medical market during the same period of time — $9.97 million.

These figures suggest that many patients are transitioning from medical to recreational, what with the patient count for Michigan’s medical cannabis market slumping seven percent – equivalent to around 19,000 people – since the recreational market went into effect. Moreover, the number of registered caregivers has dropped by 2,900.

Weekly sales of recreational cannabis in Michigan has soared since April 13; with figures anticipated to continue rising if more municipalities get involved in the sector. Currently, 1,400 of Michigan’s municipalities have rejected adult-use sales.

Stand-alone adult-use cannabis licenses may be distributed sooner than expected

By November, cannabis business owners may be able to bag a recreational-only license that will enable them to begin serving adult consumers across the state. This demonstrates fast-moving growth for the nascent market, which wasn’t expected to dish out such licenses for another year yet. In the event that this does happen, business and social equity opportunities are sure to flourish.

Executive director of the Michigan Marijuana Regulatory Agency (MRA), Andrew Brisbo, was the man who announced that the license opportunities would be unlocked early. On the other hand, a decision hasn’t been announced just yet, according to the Agency’s spokesman David Harns. As stakeholder discussions continue, medical cannabis operators in Michigan are benefiting from a two-year head start on the adult-use market.