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Cannabis is legal in Michigan and the market could be worth $1.7 billion

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Cannabis is legal in Michigan and the market could be worth $1.7 billion

Bethan Rose Jenkins, Cannabis News Writer/Editorial

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Voters in Michigan made legal weed a reality at the recent elections after an adult-use measure was approved to legalize cannabis for recreational purposes.

No other state in the Midwest has given recreational cannabis the green light, putting the Great Lakes State on the map as the ninth U.S. state to do so. Under the new Michigan cannabis initiative, weed will be permitted for consumption, commercial cultivation and sales.

Based on projections from Marijuana Business Daily, as much as $1.4 billion to $1.7 billion will be harvested in annual sales thanks to legal cannabis in Michigan. If the predictions are correct, Michigan would become one of the nation’s most lucrative markets.

Michigan cannabis initiative titled “Proposal 18-1” passes

Proposal 18-1 is the name of the cannabis initiative that just passed. You may already be familiar with this name since it has racked up more views in this year’s midterm elections than any other cannabis initiative. The proposal for cannabis in Michigan is defined as follows:

“Proposal 18-1: A proposed initiated law to authorize and legalize possession, use and cultivation of marijuana products by individuals who are at least 21 years of age and older, and commercial sales of marijuana through state-licensed retailers.”

Cannabis legalization in Michigan: Details of Proposal 1

When the vote results for Proposal 18-1 are certified, the State of Michigan will need to put their regulatory framework for the recreational cannabis market together within a year. The state must also start accepting license applications from dispensary owners and the like. The ballot summary reads as follows:

“This proposal would:

  • Allow individuals 21 and older to purchase, possess and use marijuana and marijuana-infused edibles, and grow up to 12 marijuana plants for personal consumption.
  • Impose a 10-ounce limit for marijuana kept at residences and require amounts over 2.5 ounces be secured in locked containers.
  • Create a state licensing system for marijuana businesses and allow municipalities to ban or restrict them.
  • Permit retail sales of marijuana and edibles subject to a 10% tax, dedicated to implementation costs, clinical trials, schools, roads, and municipalities where marijuana businesses are located.
  • Change several current violations from crimes to civil infractions.”

Michigan may pave the way for legal pot

Now that Proposal 1 has been passed, an influx of cannabis business opportunities are opening up for cannabis entrepreneurs, according to the executive director of the Marijuana Policy Project (MPP), Steve Hawkins.

“As the first state in the Midwest to create an adult-use market, Michigan is well-positioned to become a leader not only in the region but also nationwide,” he stated in an email to MJBizDaily.

Hawkins is not the only one with his eyes closely fixated on Michigan’s recreational cannabis market. The president and co-founder of multistate cannabis operator 4Front Ventures, Kris Krane, believes that cannabis legalization will encourage other Midwestern U.S. states to follow in Michigan’s footsteps.

“(This) should pave the way for other states to follow suit, likely starting with Illinois through the state Legislature as soon as next year,” he wrote in an email to MJBizDaily.

“This may also propel Ohio to push a ballot initiative in 2020. Michigan may be the first domino to fall in the Midwest and beyond,” Krane added.

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