Michigan's legal cannabis market could top $3 billion and nearly 4 million customers within three years.
That's according to Michigan's Marijuana Regulatory Agency director Andrew Brisbo, who made the comments on a recent episode of the Four20Post podcast and reported by The Social Revolution.
"We have estimates in our economic analysis that are more based on population and surveys from anticipated consumers and models from more mature states like Colorado," Brisbo said. "The number of potential and likely adult use consumers in Michigan is ... close to the four million mark."
If true, that could be perhaps more than half of the state's adults. According to census date, there are 6.9 million adults over 21 in the state.
Still, Brisbo admitted that the market fell short of initial projections, which suggested the state's marijuana market could hit $1 billion by year's end.
Recreational marijuana sales started about a year ago in Michigan.
"We are not going to make a billion (dollars) this year," Brisbo said. "We'll get well over a billion next year. I don't think we’ll have any challenge there."
You can listen to the episode here.
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