Michigan Medical Marijuana Market
Adapting to a State Regulated System
Similar to Colorado, Michigan has had cannabis businesses in operation before there was a state regulated program. Now, those businesses are going through the local licensing process in order to become licensed by the state in 2018.
Canna Advisors has several team members who were business owners/operators that were open before state regulation. We have gone through the process of adapting the businesses for a state regulated system and were able to be some of the first state-licensed businesses in the state.
We can also help new businesses go through the application process to become the first licensed operators in the state.
Michigan citizens will vote on an adult-use initiative that was certified on June 5th, 2018. The measure will appear on the November 6th ballot, and polling indicates that it will most likely succeed.
Entrepreneurs looking to get licensed by the state for medical marijuana and/or the upcoming adult-use program should already be in the planning stages to secure properties, raise capital, win local approval, and recruit key team members.
Contact us today to get started in Michigan!
The Opportunity in Michigan
In this medical market, application and licensing costs will be a challenge for some existing cultivators and dispensaries, which provides an opportunity for new entrants with the financial strength to operate in a regulated market.
With no statewide limits on the number of licenses and the largest medical patient base in the U.S., Michigan is brimming with opportunities for new business development.
The Conditions in Michigan
Michigan already has the largest medical patient base in the U.S. In fact, the patient base is two times the patient count that Colorado had before medical was legalized in 2010. With more than 219,000 registered patients, rapid growth, and good qualifying conditions for medical patients, entrepreneurs and business operators face strong demand. Positive market conditions are bolstered by a diverse population and need for economic infusion. Additionally, there is a strong culture of acceptance and support, with the ballot initiative being overwhelmingly passed and adult-use expected to be approved in the near term.
Strong growth projections are tempered by heavy business regulations, strict operating procedures, and professional staffing requirements. Risks include local zoning laws, changes to local regulations, and additional testing requirements that can suddenly put an existing operation out of business if not properly addressed.
The Projections For Michigan
Number of registered patients
Compounded annual growth rate
Largest in the Midwest and 4th largest in US (after CA, FL, and CO)
Source: "The State of Legal Marijuana Markets" by Arcview Market Research/BDS Analytics, 6th Edition.
A smarter, more strategic approach to state licenses
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