(This story has been updated from an earlier version.)
Michigan regulators on Thursday approved the first medical marijuana operating licenses under a new regulatory regime.
The MMJ market is one of the country’s largest. The Marijuana Business Factbook 2018 projects Michigan MMJ sales to hit $325 million to $425 million this year, up from an estimated $100 million to $150 million in 2017.
According to the Alma Morning Sun, the state’s first four licensees are:
- CannArbor provisioning center in Ann Arbor
- Arbor Kitchen edibles maker in Ann Arbor
- VB Chesaning cultivator in Chesaning (four grow licenses)
- Capitol Transport in Lansing
The approvals reflect a milestone in which “the newborn licensed medical marijuana industry learned to crawl,” Rick Thompson, founder of Michigan Cannabis Business Development Group, told The Detroit News.
The process initially was set to be completed by June 15, but the it has been slow-going.
In late May, the state extended the deadline for existing medical marijuana businesses to receive their new operating licenses by three months to Sept. 15.
Hundreds of applications are still pending.
The new regulatory structure is designed to provide legal clarity to a chaotic market that arose after voters authorized MMJ use in 2008.