Ohio’s Sales Surge Might Cast Trouble For Michigan’s Cannabis Market: Here’s Why
Michigan’s cannabis market could face significant challenges due to the rapid rise of neighboring Ohio’s marijuana industry. Since recreational sales launched on Aug. 6, Ohio has seen a surge in demand, with shops reporting record-breaking volumes driven by enthusiastic locals and visitors from nearby states. This booming success may pose a threat to Michigan’s cannabis economy, which has long relied on out-of-state buyers, particularly from Ohio, according to the Michigan Chronicle.
Surge In Sales In Ohio
On day one, Ohio’s dispensaries saw massive sales, with profits exceeding market expectations, reaching an impressive $38.5 million in just the first two weeks after adult-use sales went online. While Ohio basks in the success of its newly legalized market, Michigan’s cannabis industry faces an uncertain future.
Michigan’s Cannabis Market At Risk
In Q2 2024, Michigan’s legal cannabis sales hit a record high of $837 million, making it one of the fastest-growing cannabis markets in the U.S. However, part of this growth has …