A bright spot of the United States (US) cannabis industry has been the performance of Midwestern states that allow for the sale of recreational cannabis. Although we are favorable of the medical cannabis opportunity in the Midwest, recreational cannabis is becoming big business in several major US markets and we are bullish on the growth prospects that are associated with it. In April, the Illinois Department of Financial and Professional Regulations (IDFPR) reported more than $130 million in recreational cannabis sales. When compared to March, the state reported almost $1 million more of recreational cannabis revenue in April which is first time it reported more than $130 million of recreational sales in back-to-back months. According to data from Michigan, the state set a new record for cannabis sales in April and reported almost $200 million of cannabis purchases. Based on the state’s data, recreational cannabis accounted for approx. $168 million of sales while medical cannabis accounted for approx. $27 million of sales. (Technical 420) In late 2019, Michigan started to allow for the sale of recreational cannabis and we have been impressed with the amount of consumer demand for cannabis in the state since the start of the program.
420 Intel – Marijuana Industry News, 05/16/2022 20:00:00