The Most Important Cannabis Stats of 2026
In the latest episode of Trade To Black presented by Flowhub, host Shadd Dales and Anthony Varrell break down the latest developments emerging from today’s Farm Bill hearing in Washington. Then we turn to Michigan, where the cannabis market is dealing with growing political pushback. Eight bipartisan state senators are now moving to repeal the state’s newly implemented 24% cannabis wholesale tax, which was layered on top of the existing excise and sales taxes. Adam Stettner, CEO of FundCanna joins us to outline that tax was projected to generate roughly $421 million annually, but early numbers suggest operators are already feeling the pressure. In segment two, Flowhub CEO Kyle Sherman joins the podcast to highlight some key industry stats for cannabis in 2026.
Cannabis equities held relatively steady on Wednesday as investors continued waiting for a rescheduling announcement, but the market’s patience appears to be wearing thin amid a prolonged silence from Washington.
Adam Stettner, CEO of FundCanna, joins the show and offers an in-depth look at Michigan’s troubled cannabis market and the effort by eight bipartisan state senators to repeal the 24 percent wholesale tax that took effect January 1st. Stettner, whose firm has deployed nearly $40 million across more than a thousand files in Michigan, called the tax illogical, arguing it stacked a punishing additional burden on top of the state’s existing 16 percent combined excise and sales tax in an already oversupplied, price-compressed market.
In Michigan, January dispensary sales fell 8.3 percent year over year, and Stettner warned the real damage may not yet be fully felt at the retail level since the tax is still working its way down the supply chain. He described the broader issue as policy whiplash, a recurring pattern in cannabis where regulators act without fully understanding the ripple effects of their decisions. FundCanna has responded by modestly tightening its debt service thresholds in the state rather than pulling out entirely, and Stettner expressed cautious optimism that if the tax is repealed quickly, the market may absorb the disruption without lasting damage.
FlowHub CEO Kyle Sherman joins for the second segment, sharing stats projecting the U.S. cannabis industry could reach $47 billion in revenue in 2026. Sherman noted that 64% of cannabis consumers report using the product primarily for relaxation, that more than one in three women over 21 now consume cannabis, and that 25 percent of sales are now initiated online, primarily as pre-orders for in-store pickup.
Sherman also addresses the growing role of artificial intelligence in the industry, suggesting that while call center jobs are already being replaced by AI agents, retail floor jobs are likely to remain human-driven for the foreseeable future. Sherman says the latest episode of FlowHub’s Great American Dispensary Tour, filmed in Washington, D.C., highlights the unique legal complexity of a district where cannabis is legal on some sidewalks and illegal on federal property just steps away.
