Marijuana Makes Huge Gains in 2020

America’s Fastest Growing Industry

The marijuana industry has doubled in size in the last four years, and continues to offer valuable opportunities with a few new states legalizing this year. This November brought many voters to the polls to cast ballots in favor of the adult use (AU) of marijuana legalization. The progress seen in this year’s election results show promising progress toward ending the War on Drugs.

The following states voted to legalize adult use (AU) in 2020, joining 11 other fully legal states!*

• Arizona
• Montana
• New Jersey
• South Dakota

For specific laws and regulations of each state and US territory, visit Weed Maps. This page has detailed information on sales, consumption, possession limits, qualifying conditions for medical and more.

The Snowball Effect

2012: Colorado and Washington are the first states to adopt polices to legalize adult use of marijuana.

Colorado brings in an estimated $21 million per month in revenue from taxes, licenses and fees. This set them up as a foundation of expectations for other states. It also served as a sort of case study showcasing the positive fiscal results of legalization for leaders and voters around the country, including Michigan.

Additionally, Colorado saw other benefits like...

• Increased funding for public services like healthcare, and the construction of schools.
• An explosion in the amount of jobs available within the state.

2018: Michigan became the 10th state (including District of Columbia) to pass a recreational cannabis law.

That November, voters approved Proposal 1, which effectively allows for adults ages 21 and older to cultivate and sell cannabis and industrial hemp as well as personal possession and use of cannabis. Proposal 1 also includes the taxation of revenue from commercial cannabis facilities under the Regulation and Taxation of Marihuana Act (MRTMA).

Looking Forward in Michigan

In the Michigan Chamber of Commerce’s 4th Annual Economist Forecast Forum (2020), the Michigan Department of Treasury reported...

• Estimated $97.5 million in sales tax revenue (2020)
• Demand exceeded supply
• Predicts tax revenues to reach $143 million in 2021

Additionally, Leafly reported 243,700 full-time legal cannabis jobs throughout the United States, with over 8,000 individuals employed in Michigan’s cannabis industry.

The Cannabis Jobs Report 2020 also notes challenges dispensaries faced during regulatory system changes that negatively impacted growth. While Michigan’s industry has seen growing pains, there is a lot promise for the future of the industry.

In various interviews, including the “Michigan Cannabis Cultivator - Iliad Epic Grow - Pharma Patent Lawyer Lands in Lansing” podcast by Ashley Nickel, Richard Ruzich, CEO of Iliad Epic Grow reviews his choice for Lansing as the headquarters for the cultivation company.

The Iliad Epic Grow team is dedicated to using the industry success to bring positive social and economic impact to an area that was devastated by the War on Drugs. Fostering the success of local people and bringing quality product to the State of Michigan are core values of the company.

At Iliad Epic Grow, We enjoy keeping enthusiasts, vendors, and community members informed about our work in the cannabis industry.

For more information please feel free to contact us at info@iliadgrow.com with any questions, concerns, or suggestions.