The past few years have proven that the cannabis industry is booming and has no plans to slow down any time soon. With the subject of cannabis legalization at a federal level becoming a reoccurring conversation and agreement among most of the country, this may just be the tip of the iceberg for the opportunities to come.
Although Michigan has legalized medical marijuana since 2018, the state’s market recently made a huge impact after wrapping up its first legal recreational year. In 2020, Michigan’s cannabis industry totaled out to $3.1 billion. The same year, Michigan retailers reported $1 billion in sales.
In a survey conducted by Anderson Economic Group, one in five Michigan residents used cannabis in 2020, which reached a 75% increase since being surveyed in 2010. The country’s thriving cannabis industry has given life to new businesses, new jobs, and revenue for many states. It’s no secret that Michigan has played a major role in this progress, but there remains immense potential ahead.
On top of these sweltering weather conditions resulting in threatening wildfires, watershed resources in these drought locations are further hindering the water shortage that is currently impacting cannabis and agricultural farms. The legality of cannabis manufacturing in places such as California has the state struggling to detect illegal growers that are draining the state’s limited supply of this natural resource.
