TCNNF - 10 Best States For Cannabis Businesses Ranked By Legal Experts The Winner Will Surprise You | Benzinga
Have you ever wondered which US state has the most favorable regulations for cannabis businesses?
Seems like a very complicated question, right? Especially now, when nearly half have approved recreational cannabis and 38 have legal medical marijuana. In that federal law still classifies the plant as an illegal substance, each state has its own rules and regulations.
The question is: what factors should be taken into account when deciding on the best cannabis state?
Among those that come to mind include whether the state has just medical, or both medical and recreational cannabis programs, non-profit entities, rules about commercial licenses, etc. These are some of the factors the Missouri-based law firm Thompson Coburn used to create an updated state-by-state ranking of cannabis regulations.
Newly revised for 2023, this guide provides an overview of cannabis laws in every state, DC and U.S. territories. The analysis lists each state from most favorable to cannabis businesses to most restrictive.
Surprise Winner
California got bumped by Michigan.
"The biggest surprise was Michigan which took the top spot,” said Michael Rosenblum, partner at Thompson Coburn and co-chair of the company’s cannabis group told Benzinga. "Its success is fueled by low taxes and low barriers of entry at the state level. Michigan recovered significantly from a strenuous few years, which were marred by pricing compression and black market operations throughout the industry. I expect that regulators throughout the country will turn to Michigan’s Cannabis Regulatory Agency as a case study for how to overcome these challenging market dynamics.”