{"id":5116,"date":"2022-03-28T17:16:16","date_gmt":"2022-03-28T17:16:16","guid":{"rendered":"http:\/\/CAIiEFJ3t4dgDg3SBpVct5suu7AqGQgEKhAIACoHCAow3cCjCzCgy7sDMKy5hAc"},"modified":"2022-03-28T17:16:16","modified_gmt":"2022-03-28T17:16:16","slug":"opinion-marijuana-momentum-in-2022-look-to-the-midwest-marijuana-business-daily","status":"publish","type":"post","link":"https:\/\/thcinct.com\/?p=5116","title":{"rendered":"Opinion: Marijuana momentum in 2022? Look to the Midwest – Marijuana Business Daily"},"content":{"rendered":"

\"Image(Editor\u2019s note: This story is part of a recurring series of commentaries from professionals connected to the cannabis industry. Nicole Cosby is the chief compliance officer at Fyllo, a cannabis compliance software company based in Chicago.)<\/em><\/p>\n

Everyone in the cannabis business has their eyes on the Northeast, and for good reason.<\/p>\n

The MJBiz Factbook<\/a> projects that the impending New York recreational marijuana market<\/a> will generate more than $2 billion in sales a year by its fourth year, for example.<\/p>\n

But marijuana multistate operators should think about setting their sights a bit farther west, to states such as Michigan, Missouri, Nebraska and Ohio.<\/p>\n

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ADVERTISEMENT<\/p>\n<\/p><\/div>\n

Midwest remains America\u2019s cannabis capital<\/strong><\/p>\n

With all the coastal buzz, it\u2019s easy to forget that established Midwest markets such as Illinois and Michigan are consistently among the top for cannabis revenue.<\/p>\n

Much of this revenue is generated by the MSOs that have helped establish clear business guidelines across these states.<\/p>\n

The companies that follow can enter local markets that are already open to cannabis sales, cultivation, distribution and delivery.<\/p>\n

Some are even extending licenses ahead of state expansion.<\/p>\n

The states with new\/pending legislation in 2022, including Missouri and Nebraska<\/a>, have learned a lot from how things work in Illinois and Michigan.<\/p>\n

This should help these new states roll out more comprehensive regulations for both medical and recreational marijuana across a wide variety of license types.<\/p>\n

Eight new pieces of legislation related to cannabis have been filed in Missouri and five in Nebraska. Expect developments from these markets to accelerate in the coming months.<\/p>\n

Northeast\u2019s moment is coming, just not this year <\/strong><\/p>\n

While the long-term growth in the Northeast will be transformative, it will be a longer journey than the industry thought.<\/p>\n

We\u2019ve seen all over again that New York state is not New York City \u2013 it\u2019s more conservative and moves at a different pace.<\/p>\n

It took a long time for New York to establish a cannabis regulatory board, and once the body was set up<\/a>, it became clear sales wouldn\u2019t begin until 2023.<\/p>\n

While New Jersey was the first to sign recreational marijuana into law<\/a>, in February 2021, the state is trying to do a lot at once \u2013 expanding licenses, handling expungement and more.<\/p>\n

The state has had a slow rollout<\/a> because of the way New Jersey is structured.<\/p>\n

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Expert advice for a stronger shelf life<\/strong><\/h3>\n
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Learn the fundamentals for getting started in cannabis retail in this comprehensive guide curated by the editors at MJBizDaily<\/em> with help from industry experts.<\/p>\n

Inside the MJBizDaily<\/em> Retail Buyers Guide:<\/b><\/h6>\n