Michigan Passes Recreational Use Making Michigan Fifth Largest Legal U.S. Cannabis Market
Washington, Nov. 07, 2018 (GLOBE NEWSWIRE) -- Michigan voters passed Proposal 1, legalizing adult use cannabis, making the state the fifth largest projected legal cannabis market by 2025. New Frontier Data, the authority in data, analytics and business intelligence on the global cannabis industry, projects Michigan’s annual sales of adult-use cannabis to reach $1.4 billion by 2025. Michigan currently has 17,500 legal plant touching cannabis jobs, naturally growing to 22,000 by 2025. With the passage of adult-use legalization, New Frontier Data forecasts an additional 26,000 jobs by 2025.
“The estimated tax benefits in Michigan from Prop 1 could be substantial for the state,” said Giadha Aguirre de Carcer, Founder and CEO of New Frontier Data. “As we reported in our recently-published report The U.S. Cannabis Report: 2018 Industry Outlook, as of December 2017 in three of the early-state adopters—Washington, Oregon and Colorado—there has been a cumulative total of $1.46 billion in tax receipts, and with Michigan being the fifth-largest cannabis consumer market, tax revenues could greatly exceed predictions.”
Michigan was one of the early states to legalize medical cannabis legislation in 2008 and is now the eleventh state to legalize recreational cannabis use. Proposal 1 creates a tax system to regulate, tax, and sell cannabis to adults for recreational use.
About New Frontier Data: New Frontier Data is an independent, technology-driven analytics company specializing in the cannabis industry. It offers vetted data, actionable business intelligence and risk management solutions for investors, operators, researchers and policymakers. New Frontier Data’s reports and data have been cited in over 69 countries around the world to inform industry leaders. Founded in 2014, New Frontier Data is headquartered in Washington, D.C. with additional offices in Denver, CO, London, UK, Bogota, Colombia, and Hong Kong.New Frontier Data does not take a position on the merits of cannabis legalization. Rather, its mission and mandate are to inform cannabis-related policy and business decisions through rigorous, issue-neutral and comprehensive analysis of the legal cannabis industry worldwide. For more information about New Frontier Data please visit: http://www.NewFrontierData.com.
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