Michigan’s recreational marijuana market is expected to be in line with Colorado and Nevada’s by 2023, according to a report from the Chicago-based Brightfield Group. (Photo: Carlos Osorio / AP, file)
Michigan’s recreational marijuana market is expected to rival that of Colorado and Nevada by 2023, according to a recent report.
The West Coast, where the legal marijuana business got its start, will be surpassed by by large states in the Midwest and along the East Coast as they expand medical and recreational access, according to an industry analysis by the Chicago-based Brightfield Group, a CBD and cannabis market research and consulting firm.
“We’re seeing a shift from the West Coast to the East Coast,” said Kay Tamillow, Brightfield’s research director. “Cannabis is not just for West Coast hippies anymore. It’s a growing industry, and it’s everywhere.”
Michigan joined nine other states and the District of Columbia to legalize recreational marijuana last year after 56% of voters supported the change, though the Michigan Marijuana Regulatory Agency has until Dec. 6 before it must begin accepting applications for recreational business licenses
With approximately 3% of Michigan resident holding a medical marijuana card, a higher rate than many other medical markets, Brightfield predicts between 2020 and 2023 the state’s recreational market could triple in size and grow its share of the U.S. market by more than 3% to $650 million.
That is approximately the size of the recreational markets in Nevada and Oregon right now, Tamillow said. But with the sizes of their populations, those states likely won’t see much more growth by 2023, while Michigan’s industry will be in its nascent stages.
“There is a lot of opportunity in Michigan,” Tamillow said. “It has a strong medical market, which is an indication that Michigan is a good state to get into for