How Are Michiganders Coping With The Coronavirus Pandemic? Weed

How do Michiganders handle the stress of a viral outbreak? Weed. Lots and lots of weed.

Last week, Michigan sales of recreational and medical marijuana soared to $5.8 million — $1 million more than the previous week. It was the best period of pot sales the state has seen since adult-use transactions began in December.

Policy certainly helped. After Michigan reported its first few COVID-19 cases, state regulators authorized pot shops to serve curbside and began to accelerate approvals for home delivery services.

Benzinga is covering every angle of how the coronavirus affects the financial world. For daily updates, sign up for our coronavirus newsletter.

On Monday, Gov. Gretchen Whitmer deemed cannabis operations “essential businesses” exempt from the mandatory statewide shutdown.

"Online orders are cranking," Jerry Millen, co-owner of Walled Lake’s Greenhouse, told Crain's.

But one industry executive considers the influx part of the economy panic-buying that will soon subside.

“We did see a slight uptick in sales,” Jeff Radway, CEO of Skymint, told Lansing City Pulse. “Since we’re selling on the medical and the recreational side, we’re obviously grateful that the state has considered cannabis to be an essential business in Michigan. I think we might see it level out. Just like grocery stores, people are realizing these places will remain supplied and open.”

So far, his bearish forecast isn’t playing out. This week, BodyNutrition.org reported Michigan as the No. 1 pot-smoking state during the coronavirus pandemic.

In fact, the market looks hot enough that Skymint is continuing construction for three new dispensaries in the Greater Lansing area. Two are on pace to open this summer.

Related Links:

After Some Debate, Ann Arbor's Hash Bash Postpones 2020 Date Amid Coronavirus Threat

Michigan Pot Shops Ramp Delivery Services, Become Temporary Drive-Thrus: 'Just Like Other Essentials'

Lee Benzinga Cannabis en Español: 3 Maneras de Compartir Cannabis sin Transmitir el Coronavirus

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In:
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Cannabis is evolving – don’t get left behind!

Curious about what’s next for the industry and how to leverage California’s unique market?

Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!

Get your tickets now to secure your spot and avoid last-minute price hikes.