BDSA, the leader in data, market intelligence and strategic guidance to the cannabis industry, announced today that its cannabis retail sales tracking now includes category-level coverage for the Florida medical market and Michigan adult-use and medical markets. With this release, BDSA’s clients and retail partners will have access to a comprehensive suite of consumer and market insights and analytics in these two states, giving them insights into consumer behaviors, market dynamics, preferences, and more.
“Having insights into the Florida and Michigan markets will provide cannabis investors, retailers and manufacturers with access to significant opportunities as both have enthusiastic and committed consumer populations with a large percentage of cannabis users,” said Micah Tapman, CEO of BDSA. “BDSA’s data will provide our clients with the insights needed to make investment and development decisions and will include information around trending size of the market at a granular category level in addition to consumer understanding and future market sizing already available from BDSA.”
Florida’s medical cannabis market is expected to reach $1.5 billion in sales in 2021, growing 53% over 2020. For comparison, the 2020 medical sales in Arizona were approximately $1.0 billion. With both recreational and medical cannabis expected to be legal in Florida by 2023, BDSA forecasts it will grow to $2.6 billion by 2026.
Michigan’s legal cannabis market is expected to reach $1.2 billion sales in 2021, growing 21% versus 2020. BDSA expects Michigan to have a $1.7 billion market by 2026. Since legalizing cannabis in 2018, 39% of the state’s population has reported consuming cannabis, similar to other more mature legal markets like California.
“Both Florida and Michigan currently fall into the top 10 cannabis markets in the U.S., but we expect them to continue climbing the ranks in the coming years,” said Kelly Nielsen, Vice President of Insights & Analytics at BDSA. “Florida is expected to be the third largest U.S. market come 2026 while Michigan is expected to be the ninth largest in the same time frame.”