SPECIAL PROMOTIONAL SECTION
Forbes magazine recently asked: Where is the cannabis industry headed in 2022?
The simple answer might be “wherever it wants to.”
It seems every sector of the cannabis industry — including consumers, cultivators, distributors, and dispensaries — has the pedal to the metal, a full tank of gas, and an ever-expanding road map. Cannabis is one of the fastest-growing industries in the world despite the ongoing global pandemic, supply chain struggles, and issues with policies to regulate the industry at the federal level. The flip of the calendar from 2021 to 2022 brought the end to some of those setbacks, and more Americans than ever approve its legalization, as negative stereotypes have given way to positive health benefits.
Cannabis is also one of the country’s fastest-growing sectors for job creation and tax revenue. California, the largest market for cannabis, benefited from more than $1 billion in additional tax revenue from cannabis in 2020. Experts predict cannabis will serve as a vital economic engine in 2022 as communities continue their economic recovery.
According to a report released by Leafly, a Seattle-based cannabis website that tracks jobs in the industry, Michigan has the third-highest number of cannabis-related jobs in the country. There were 31,152 workers in Michigan’s cannabis industry as of January 2022, third behind California (83,607 marijuana-related jobs) and Colorado (38,337), according to the report.
“The cannabis industry is already among the top three employers in Michigan and it’s certainly not slowing down anytime soon,” says Todd Webber, one of the co-founders of DeHydr8, a game-changer when it comes to the overall cannabis experience. “The evolution of product, education of consumers, and acceptance by multiple generations (from boomers to Xers to millennials and Ys) are all impacting the trajectory, from investment to enhancement to usage and adoption.”
There’s even more room for revenue growth in Michigan, considering two of the state’s five largest cities, Detroit and Warren, have yet to sort out their respective recreational licensing and approval regulations.
“I think you’re going to see the onset of Cannabis 3.0 with the adoption of fast-acting, infused beverages; more SKU selection for consumer adoption on their terms; and more micro-dosing for individual preference and functionality,” Webber says. “Science, scale, and lifestyle will most certainly impact the next 24 months.
“Another interesting aspect will be where we see cannabis and psilocybin cross paths for the benefits they carry individually. What the collective benefit becomes may be the strongest breakthrough yet,” he adds.
Here, Hour Detroit presents some of the game-changers in the cannabis industry who call Michigan home. They have the pedal to the metal, a full tank of gas, and an ever-expanding road map.