Michigan marijuana sales surpass $3 billion in 2023, but face possible slowdown

posted on Jan 22, 2024 on MLIVE

LANSING, MI — The Michigan marijuana industry reached a new milestone in 2023: $3 billion in total sales. That’s $300 per man, woman and child.

Despite 30% growth over the the $2.3 billion sold in 2022, insiders believe the market is increasingly saturated and headed for a slowdown in the upcoming year.

“I believe we’ll probably do better in 2024, but I don’t think there is going to be a significant amount of growth, but enough to be noticeable,” said Harry Barash, Founder of MiCannaPros, a 9,000-member marijuana industry Facebook page, and Meet. Connect. Puff., a networking business. “I just feel like the market is getting pretty close to being capped out.”

Last year experienced significant growth, not only in total sales but the number of retailers, which increased by 120 statewide. As of December, there were 750 marijuana stores in the state.

“As we head into 2024, the (Cannabis Regulatory Agency) continues to focus on transparency and communication, working with stakeholders as the industry continues to grow,” said CRA Director Brian Hanna. “We’re committed to supporting Michigan’s cannabis licensees who currently employ over 35,000 employees, a 23% increase from December 2022.”

The year in cannabis was marked by increased enforcement, intended to keep black-market marijuana from infiltrating the licensed and tested market; the long-awaited and litigated addition of the state’s largest single-city market, Detroit; border battles in places like the western Upper Peninsula’s Menominee, where marijuana companies are vying for out-of-state business; price stabilization and plans to create a state-run reference lab to hold private labs accountable.

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