The Best States To Launch Your Cannabis Business In 2024 – According To Marijuana Legal Experts
This article was originally published on Cannabis.net and appears here with permission.
Have you ever pondered the landscape of cannabis regulations across the United States? Amid a shifting legal terrain where nearly half of the states have embraced recreational cannabis and 38 have legalized medical marijuana, the complexities abound. Despite federal law maintaining cannabis as an illegal substance, each state charts its course with unique rules and regulations. Deciding on the optimal cannabis state involves considering various factors, such as whether the state permits medical, recreational, or both cannabis programs, the presence of non-profit entities, and regulations surrounding commercial licenses.
Addressing this intricate question, according to Businees Insider, the Missouri-based law firm Thompson Coburn has undertaken the task of creating an updated state-by-state ranking of cannabis regulations. Their 2023 guide offers a glimpse into how 2024 rankigns will stack up and offers a comprehensive overview of cannabis laws, encompassing every state, DC, and U.S. territories. The rankings range from states with the most favorable regulations for cannabis businesses to those with the most restrictive. In a surprising turn of events, Michigan claimed the top spot in the 2023 rankings, attributed to its low taxes and minimal entry barriers at the state level. According to Michael Rosenblum, a partner at Thompson Coburn, Michigan’s success serves as a potential case study for regulators nationwide grappling with market challenges.
For those interested in exploring further, here’s a glimpse into the first four marijuana states leading the pack with the most business-friendly cannabis laws:
1. Michigan
Michigan legalized adult-use cannabis in 2018, becoming the 10th state and the first in the Midwest to do so. The Michigan Regulation and Taxation of Marijuana Act (MRTMA) governs the possession and cultivation of cannabis, allowing individuals aged 21 and older to possess up to 2.5 ounces and cultivate 12 plants for personal use. The state’s regulatory framework is business-friendly with a 6% sales tax and a 10% excise tax. However, market saturation has led to challenges for businesses, resulting in closures and financial struggles. Medical-use cannabis …