- State recreational marijuana market on track to top $1 billion
- Michigan could be fastest-growing recreational market per capita outside of California
- Gage’s current portfolio features 19 Class C cultivation licenses across four cultivation assets, three processing licenses
In only one year, Michigan’s new recreational marijuana market is projected to reach — and exceed — $1 billion, second only to California (https://ibn.fm/q80zU). That is good news for Gage Cannabis, a leading vertically integrated operator in the cannabis industry focused exclusively on the Michigan market.
“It really is just explosive growth in Michigan,” said Sloane Barbour, the chief revenue officer of cannabis industry recruitment agency FlowerHire. “There was already a robust medical market, in the sense that there was a community and sort of an expectation for a certain level of accessibility when it came to cannabis products. . . .with the new recreational market, you already had a bit more of a normalization or social acceptance, if you will, of cannabis.”
Michigan voters approved the medical marijuana market in 2008; a decade later, a 2018 initiative to legalize recreational use passed with 56% of the vote, and state-licensed sales of recreational cannabis began in December 2019.
Although other states legalized cannabis earlier, Barbour says that Michigan could be the fastest-growing recreational market per capita outside of California. Recent reports indicate that, in 2020, both medical and recreational sales have increased in the state, totaling an estimated $313.7 million and $281.2 million respectively (https://ibn.fm/aHY4h). Michigan’s recreational marijuana sales exploded more than 500% between January 2020 and September 2020, growing from $9.8 million to $59.7 million.
One factor contributing to the increase, says Barbour, was that when much of the economy shut down because of the coronavirus pandemic, Michigan’s marijuana industry was categorized as essential. “With the pandemic where people are spending more time indoors without as much to do with a lot of anxiety, people will always self-medicate,” Barbour said. “Traditionally that’s been alcohol, and unfortunately it also can be things like opioids. But more and more, we’re seeing people turn to the cannabis plant, which is a healthier, safer alternative to sort of those other anti-anxiety medications.
The state’s burgeoning growth was one of the reasons Gage decided to set up shop in Michigan. Gage opened its first medical provisioning center (dispensary) in 2019, and the company now has 13 medical or adult-use locations in operation or planned. Additional locations are slated to open in 2021. Gage’s current portfolio features 19 Class C cultivation licenses across four cultivation assets and three processing licenses.
Gage Cannabis Co. is innovating and curating the highest-quality cannabis experiences possible for cannabis consumers in the state of Michigan and bringing internationally renowned brands to market. Through years of progressive industry experience, the firm’s founding partners have successfully built and grown operations with federal and state licenses, including cultivation, processing and retail locations. Gage’s portfolio includes city and state approvals for 19 Class C cultivation licenses, three processing licenses and 13 provisioning centers (dispensaries).
Gage Cannabis has recently announced its intentions to raise up to $50 million in gross proceeds through a regulation A+ offering (https://ibn.fm/Edhda), with a portion of the proceeds set to be re-invested to finance the company’s various growth initiatives. With Michigan’s cannabis market set to expand exponentially in the coming years, Gage Cannabis finds itself well-positioned to capitalize on market’s future growth trajectory.
To learn more about the company’s Regulation A financing, visit www.GageInvestors.com.
For more information, visit the company’s website at www.GageUSA.com.
NOTE TO INVESTORS: The latest news and updates relating to Gage Cannabis are available in the company’s newsroom at https://ibn.fm/GAGE
InvestorWire is the wire service that gives you more. From regional releases to global announcements presented in multiple languages, we offer the wire-grade dissemination products you’ll need to ensure that your next press release grabs the attention of your target audience and doesn’t let go. While our competitors look to nickel and dime you with hidden fees and restrictive word limits, InvestorWire keeps things transparent. We offer UNLIMITED Words on all domestic releases. While other wire services may provide a basic review of your release, InvestorWire helps you put your best foot forward with complimentary Press Release Enhancement.
With our competitors, the work is done the second your release crosses the wire. Not with InvestorWire. We include follow-up coverage of every release by leveraging the ever-expanding audiences of the 50+ brands that make up the InvestorBrandNetwork.
Get more out of your next press release with InvestorWire. It’s unlike anything you’ve seen before.
For more information, please visit https://www.investorwire.com
InvestorWire is part of the InvestorBrandNetwork.