Despite all the bumps in the road, Michigan’s recreational marijuana market has grown into a nearly $2 billion-per-year industry.
Three years after it was formed, the Michigan Marijuana Regulatory Agency is getting a new name. The agency will be renamed the Cannabis Regulatory Agency and take up the task of overseeing hemp processing, distribution and sales in addition to its current regulation of the marijuana industry.
Governor Gretchen Whitmer said in a press statement that these administrative changes will help the state continue growing the hemp and marijuana economy, create jobs and invest in local communities.
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“Consolidating multiple government functions into the newly named Cannabis Regulatory Agency will help us continue growing our economy and creating jobs,” Gov. Whitmer said. “And to be blunt-safe, legal cannabis entrepreneurship, farming, and consumption helps us put Michiganders first by directing the large windfall of tax revenue from this new industry to make bigger, bolder investments in local schools, roads, and first responders.”
The change, made under executive order and set to take effect in 60 days, “will allow for a more effective, efficient administration and enforcement of Michigan laws regulating cannabis in all its forms,” Whitmer’s office said in the statement. Michigan is the home state of Benzinga.
The Marijuana Regulatory Agency was formed by executive order in spring of 2019 to oversee the regulation of medical and recreational marijuana following the legalization of adult-use cannabis via ballot initiative in 2018.
Michigan’s Cannabis Industry
Since legalization, Michigan’s cannabis industry has grown by leaps and bounds, experiencing a few growing pains along the way.
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There have been legislative battles over caregivers, corporate expansion, market growth, dipping prices and a historic recall that continues to shake the industry.
Despite all the bumps in the road, Michigan’s recreational marijuana market has grown into a nearly $2 billion-per-year industry, if medical marijuana sales and recreational are combined.
This article originally appeared on Benzinga and has been reposted with permission.
