An influx of new recreational marijuana businesses could be coming to Michigan some time after Nov. 1.
If that happens, marijuana customers may see lower prices and a greater selection of recreational marijuana. It could also push medical marijuana shoppers, who play an increasingly smaller roll in the Michigan marijuana universe, further to the side.
The Michigan Regulatory Agency is considering doing away with a requirement that any recreational marijuana applicant first possess a medical marijuana business license, a stipulation that’s so far limited access to the recreational market and ensured a certain level of supply and retail options for medical marijuana customers.
“No decision has been officially made, yet,” Marijuana Regulatory Agency Director Andrew Brisbo said. ” … But I’ve mentioned publicly a number of times that we were leaning in that direction of eliminating the requirement.”
Budget forecasters in Lansing are counting on the recreational marijuana industry hitting $1.5 billion in total sales between October of this year and September of 2020, which translates to nearly $240 million in tax revenue for the state. While Brisbo said the market is already on pace to meet that mark, opening it up to more participants is sure to further increase Lansing’s cut, which includes a 6% sales and 10% excise tax. [Read more at MLive.com]