According to 2021 Cannabis Harvest Report, Cannabis ranks as the 5th most valuable crop in the United States overall. The report analyzes data from facilities in the 11 states that have legalized adult-use facilities and currently have adult-use facilities open for business. Specifically, the states are Alaska, Arizona, California, Colorado, Illinois, Maine, Massachusetts, Michigan, Nevada, Oregon, and Washington.
Overall, the report concludes that adult-use cannabis supported 13,042 licensed farms that harvested 2,278 metric tons of marijuana last year. To put that into perspective, that’s enough “to fill 57 Olympic-size summing pools, or more than 11,000 dump trucks stretching more than 36 miles.”[1]
This puts Cannabis as the fifth most valuable cash crop in the United States overall, with an annual wholesale value of $6.2 billion. Here is how Cannabis’ wholesale harvest value compares to the U.S. top 8 crops: [2] [3]
Crop Annual wholesale value
- Corn $61 billion
- Soybeans $46 billion
- Hay $17.3 billion
- Wheat $9.3 billion
- Cannabis $6.2 billion
- Cotton $4.7 billion
- Rice $3.1 billion
- Peanuts $1.3 billion
In Michigan specifically, it is estimated that farmers turned out ~417,000 pounds of wholesale cannabis in 2020. With the crop worth ~$736 million, Cannabis is ranked Michigan’s third most lucrative cash crop, behind corn and soybeans. Michigan added 9,216 cannabis-related jobs in 2020, and it is now estimated that 18,078 Michigan residents are employed in the cannabis industry.[4]
The report notes, “Cannabis is now a major agricultural commodity that supports thousands of American farmers, farm families, and farm communities.” To view Michigan specific statistical reports, including a breakdown of monthly sales, revenue, and expenses, visit the Marijuana Regulatory Agency online here.
Cannabis entrepreneurs are an important part of Michigan’s economy and our team at Grewal Law PLLC is proud to support them. We can answer your questions about cannabis licensing and other common issues that face new businesses. The Cannabis industry is lucrative, but Cannabis law is complex. Make sure your business is supported by an attorney who knows how to help.
If you are looking to establish your own “cannabusiness” or are having legal challenges with your existing business, we are here to guide you through any legal issues and challenges surrounding cannabis laws.
[1] https://www.leafly.com/news/industry/cannabis-harvest-report-2021
[2] https://www.nass.usda.gov/Publications/Todays_Reports/reports/cpvl0221.pdf
[3] Whitney Economics, https://whitneyeconomics.com/
[4] https://www.dropbox.com/s/vs1umbht9h2o95m/Leafly-Whitney%20Economics%20JobsReport-2021-%20final%2002-16-2021.pdf?inf_contact_key=823b40a0a01f945e320b3ee347bbea39&dl=0
Cheyenne Benyi is an Associate Attorney at Grewal Law PLLC. She is the Lead Attorney for the firm's Cannabis Division and her other practice areas include criminal defense and general civil matters.
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