Potential marijuana businesses in Michigan are eagerly waiting for recreational licenses to be processed. This will allow them to start cultivating, processing, and selling legal pot to the residents. Depending on the time the businesses are licensed, the current rules, and the duration of the growth cycle, it is estimated that recreational marijuana is likely to be available on the market in March or April.
The state’s recreational marijuana law is blind to any other existing marijuana products, so the recreational marijuana market must begin from zero unless the Marijuana Regulatory Agency Director, Andrew Brisbo, allows retailers to open their outlets earlier by permitting medical marijuana products to cross to the recreational market.
Last week Brisbo said that the agency should continue monitoring medical cannabis supply to see whether it can be available for recreational purposes as well. Previously, he had said that he would not reduce the supply of medical marijuana for patients to please the recreational market.
On November 1, Brisbo said there is an inadequate supply of medical marijuana in the regulated market to meet the demands of the patients. He also noted that consumer demand for MMJ is not at capacity and that the inadequate supply is contributed to by marijuana flower shortages.
Brisbo also explained that the imbalance between supply and demand is because the number of licensed dispensaries and the number of growers do not match.
A recent report released by the Marijuana Regulatory Agency (MRA) shows that by the second quarter of 2019, the number of licensed dispensaries was 120. And, the number of licensed growers supplying them with weed was 89, of which 78 of them were permitted to grow 1500 plants each, two 1000 plants, and nine could only plant 100 plants.
Brisbo is hopeful that the sales will increase as more growers are issued with licenses. Some are expected to be licensed by the end of this month and more before December 30.
Although no business has yet been awarded a recreational sales license, companies such as Exclusive Brands are ready to sell to other consumers other than registered MMJ patients.
Last week, the Exclusive Brands co-owner, Omar Hitesh, said that they were hoping that the rules and regulations for recreational marijuana would be ready by January 1 when they expected the market to be operational. But, the rumor is, it will be launched later in 2019.
Hitesh said that recreational customers have already entered their Ann Harbor dispensary, hoping to score some legal weed only to be turned away when they could not present their MMJ card. He further said that the dispensary has launched a waiting list for recreational customers to notify them when it becomes legal.
It is clear to analysts that demand is high for recreational weed in Michigan, and sector players like Hemptown USA and Neutra Corp. (OTC: NTRR) hope that the companies licensed to meet this demand will not let down the residents.
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)
For more information please visit https://www.CNW420.com
Do you have a questions or are you interested in working with CNW420? Ask our Editor
CNW420 is part of the InvestorBrandNetwork.