Cannabis is Now Michigan's Third Most Valuable Crop, New Report Finds

Cannabis is now Michigan’s third most valuable crop, trailing only corn and soybeans according to a new report from Leafly. 

The report found that Michigan, home state of Benzinga, generated 189 metric tons of cannabis in 2021, with an estimated value of $736 million. Michiganders voted to legalize recreational marijuana back in 2018 and, since then, the legal market has flourished. 

Once the bill was passed, companies focused on processing, growing and selling recreational marijuana sprouted throughout the state. The Leafly report indicates that there are more than 450 licensed cannabis retailers in Michigan.

“Michigan’s cannabis harvest has seen steady growth since the opening of adult-use sales in December 2019,” the Leafly report reads. “In fall 2020, farmers were producing roughly 9,000 pounds (medical and recreational combined) of prime flower every month. By fall 2021 they were consistently sending 24,000 pounds of the best bud into the retail market.”

The top-three crops in terms of value in Michigan are:
Corn - $1.4 billion estimated value

Soybeans - $1.2 billion estimated value

Cannabis - $736 million estimated value

Supply And Demand Keeps Cannabis Farmers Happy

Michigan's cannabis sales continue to skyrocket, with 2021 considered to be a banner year for sales.   

According to Michigan’s Marijuana Regulatory Agency, the state generated $161.4 million in revenue for September. Though a bit lower than August, sales were up more than 52% from the same period in 2020, 

with no sign of slowing down.

For all of 2020, sales reached record highs: $3.2 billion, according to a new study done by the Anderson Economic Group.

See Leafly's full report about cannabis farming in the U.S.: https://www.benzinga.com/markets/cannabis/21/11/23861023/report-cannabis-is-americas-5th-most-valuable-crop-earning-more-for-farmers-than-cotton-or-rice

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