Michigan and Illinois kicked off adult-use sales in December 2019 and January 1 respectively, and if initial revenue reports are any indication, these states could inspire others in the region to quickly follow suit.
In its first month of sales, Michigan generated one million dollars in tax revenue for the state and Illinois surpassed its Governor’s budget estimates by bringing in over $10 million in taxes. This progress hasn’t been without its share of challenges, however: Illinois is facing a looming cannabis shortage, while Michigan contends with both a ban on cannabis retail in 80% of its jurisdictions and a moratorium on sales in Detroit until the city’s regulatory framework is defined.
With the Midwest poised to become a booming cannabis consumer market, the National Cannabis Industry Association is here to support the growth and longevity of the region’s regulated industry.
What Is NCIA?
The National Cannabis Industry is the only national trade organization working to protect legal cannabis businesses by reforming federal policy. Founded in 2010, NCIA was formed after the Justice Department released the Ogden Memo, which deprioritized the use of federal resources to prosecute patients and caregivers operating in compliance with their state’s medical cannabis laws. With founders and long-time marijuana policy reform leaders Aaron Smith and Steve Fox at the helm, NCIA was established to support the growth of a responsible, legitimate, sustainable legal industry.
Grounded in the principle of power in numbers, NCIA is by far the industry’s largest cannabis trade association – representing nearly 2,000 businesses and tens of thousands of cannabis business owners, operators, and professionals. To provide its members with a competitive advantage over cannabis businesses sitting on the sidelines, NCIA offers a range of benefits including national political representation, industry insights and education, and exclusive access to invaluable retail sales data.
Membership also includes complimentary access to NCIA’s regional networking events, including its Cannabis Caucus Series in which members and their guests are invited to connect, hear from industry thought leaders on regional issues, and receive federal policy updates. NCIA Industry Socials are another opportunity for industry professionals in their respective regions to make meaningful contacts while mixing and mingling over cocktails in a fun, relaxed setting.
State-led legalization efforts have come a long way since NCIA’s founding in 2010 and the first adult-use markets launched in Colorado and Washington two years later – but there’s more to be done. From offering guidance for policymakers on how to increase equity in the cannabis industry, to supporting efforts that reduce the allure of illicit market products for consumers, to continuously working towards the ultimate goal of Federal regulation, NCIA remains committed to protecting the interests of the entire legal cannabis industry.
Save the Date
Mark your calendars for NCIA’s Midwest Cannabis Business Conference, coming this summer to Detroit, Michigan. From August 26-27, 2020, the industry’s largest and most influential trade association offers Midwest cannabis entrepreneurs and business owners the opportunity to network with industry leaders, find products and services to help grow their business and explore insights at the only cannabis expo uniquely curated for the Midwest region. For anyone seeking ways to help their business succeed in the emerging Midwest market, save the date for #MWCannaBizCon!