Marijuana is a multibillion-dollar industry, and across the United States, legal markets are popping up like weeds as more states seek out the tax revenue and jobs the cash crop brings.
Medical and recreational marijuana sales are projected to reach $33.6 billion by the end of the year, a trend largely driven by the opening of new adult-use markets, according to an MJBiz Factbook analysis.
In Michigan alone, medical and recreational sales together brought in about $325 million in tax revenue last year, according to the state’s Cannabis Regulatory Agency.
In Delaware, legal weed became a reality last month, when the state passed dual bills that aimed to allow possession by adults 21 and older, and establish a regulatory framework for an adult-use market to take shape in the coming months. The state became the 22nd to legalize recreational marijuana and follows Missouri and Maryland, which did so earlier this year.
The victory for the industry concludes a “multi-year effort” with “many hurdles along the way,” said Olivia Naugle, a senior policy analyst at the Marijuana Policy Project.
“From organizing lobby days, rallies, and town halls, testifying in key committees, conducting media outreach, voter guides, and so much more, years of effective advocacy and teamwork helped us reach this moment,” Naugle said.
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