According to a recent report published by Research and Markets, the North American legal cannabis market value is expected to reach approximately USD 35 Billion by 2023. The North American legal cannabis market has already crossed the USD 8 Billion mark in terms of value in 2017. The research also indicates that cannabis is gaining prominence in North America due to the increasing acceptance of products for both medical uses and recreational.
Michigan has the second-largest medical marijuana patient base in the country, trailing only to California. A shift in Michigan’s medical marijuana market is no small event.
Major legal cannabis markets have opened up on the West Coast — California, Washington, Oregon, Nevada and Alaska — and New England, with Maine, Massachusetts and Washington D.C. But, the Midwest remains largely untapped.
Michigan’s new medical licensing and seed-to-sale tracking system opened for applications in December 2017, and now with recreational marijuana on the November ballot, which experts are predicting to be voted in, Michigan’s increase of product demand is just around the corner.
If and when recreational marijuana is legalized in Michigan, the regulated market will likely be a catalyst for other states in the Midwest to rethink existing laws and follow suit with full legalization.
Although bullish, investing in cannabis is far from safe and secure. No profit-minded investor would ignore this market, but be mindful that this unique sector is complex with risks — legal and regulatory.