+ 0.70
+ 0.47%

How Are Michiganders Coping With The Coronavirus Pandemic? Weed

March 26, 2020 11:10 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
How Are Michiganders Coping With The Coronavirus Pandemic? Weed

How do Michiganders handle the stress of a viral outbreak? Weed. Lots and lots of weed.

Last week, Michigan sales of recreational and medical marijuana soared to $5.8 million — $1 million more than the previous week. It was the best period of pot sales the state has seen since adult-use transactions began in December.

Policy certainly helped. After Michigan reported its first few COVID-19 cases, state regulators authorized pot shops to serve curbside and began to accelerate approvals for home delivery services.

Benzinga is covering every angle of how the coronavirus affects the financial world. For daily updates, sign up for our coronavirus newsletter.

On Monday, Gov. Gretchen Whitmer deemed cannabis operations “essential businesses” exempt from the mandatory statewide shutdown.

"Online orders are cranking," Jerry Millen, co-owner of Walled Lake’s Greenhouse, told Crain's.

But one industry executive considers the influx part of the economy panic-buying that will soon subside.

“We did see a slight uptick in sales,” Jeff Radway, CEO of Skymint, told Lansing City Pulse. “Since we’re selling on the medical and the recreational side, we’re obviously grateful that the state has considered cannabis to be an essential business in Michigan. I think we might see it level out. Just like grocery stores, people are realizing these places will remain supplied and open.”

So far, his bearish forecast isn’t playing out. This week, BodyNutrition.org reported Michigan as the No. 1 pot-smoking state during the coronavirus pandemic.

In fact, the market looks hot enough that Skymint is continuing construction for three new dispensaries in the Greater Lansing area. Two are on pace to open this summer.

Related Links:

After Some Debate, Ann Arbor's Hash Bash Postpones 2020 Date Amid Coronavirus Threat

Michigan Pot Shops Ramp Delivery Services, Become Temporary Drive-Thrus: 'Just Like Other Essentials'

Lee Benzinga Cannabis en Español: 3 Maneras de Compartir Cannabis sin Transmitir el Coronavirus

For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to Benzinga Podcasts and our YouTube channel.

Related Articles

Traveling With Weed In The US: Everything You Should Consider

By WeedMaps News' Tyler Koslow, provided exclusively to Benzinga Cannabis. read more

Cannabis May Become Legal In New York With Gov. Cuomo's 'Equitable Adult-Use Program' Proposal

Gov. Andrew Cuomo announced Wednesday his proposal for a legal cannabis program across New York State. The plan calls for a new Office of Cannabis Management. This group would oversee a nascent recreational program as well as New York's current medical marijuana program. read more

US Legal Cannabis Market Could Hover $41B By 2025, Data Shows

Annual legal medical and recreational sales are estimated to grow at a compound annual growth rate (CAGR) of 21%, hitting more than $41 billion by 2025, compared to $13.2 billion in 2019; read more

More Weed, Less Booze? Researchers Examine Which Way Consumption Goes

Does cannabis use lead to more drinking, or to less?  The answer to that question has been as elusive as the chicken or the egg quandary.  read more