Michigan Cannabis Update Joseph Nafsu Marijuana Business Attorney Lawyer

CANNABIS MARKET STARTS STRONG IN 2021

January 18, 2021

Cannabis Stocks Start 2021 Strong

Marijuana stocks have outperformed the markets in the first half of January after many financing deals and strong earnings reports.

Exchange-traded funds (ETFs) were all up by double digits. Over the last five trading days:

  • The ETFMG Alternative Harvest ETF MJ -0.60%: gained almost 18%
  • The AdvisorShares Pure Cannabis ETF YOLO -2.19%: was up almost 12%
  • The Cannabis ETF THCX -0.06%: rose 18.4%

Revenue Trends in Michigan

Sales in Michigan hit $984.6 million in 2020. Medical cannabis sales accounted for $474 million for the year, while recreational, adult-use sales reached $510.7 million.

National Holiday Sales

Nationally, the Christmas and New Year’s holidays marked the single biggest cannabis sales period of 2020. The period between Dec. 18 and Dec. 24 generated roughly $427 million. The largest sale day of the period was Wednesday, Dec. 23, with $87.3 million, making it the third-largest cannabis sales of the year, just behind Green Wednesday with $87.4 million. Exceeding all expectations, New Year’s Eve was the single biggest sales day of 2020 with $89.4 million. 

Are You Ready To Join The Cannabis Market?

I have successfully assisted many Michigan entrepreneurs to navigate the legalities of joining this growing industry. Please reach out to me via email at nafsulaw@gmail.com or call me directly at 248.254.4530. More information can be found a https://www.josephnafsu.com

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