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Michael Rosenblum on the Best 10 States for Cannabis Businesses

December 13, 2023

A new article in Benzinga explores Thompson Coburn’s newly updated state-by-state ranking of cannabis regulations, highlighting the best and worst states for cannabis businesses. Partner Michael Rosenblum spoke with Benzinga on which U.S. state has the most favorable regulations for cannabis businesses. The article draws highlights from Thompson Coburn’s overview of cannabis laws in every state, D.C. and U.S. territories, a report Michael co-authored.

“The biggest surprise was Michigan, which took the top spot,” Michael 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.”

He also noted that the U.S. Virgin Islands has potential, having welcomed adult use this year. “The U.S. Virgin Islands also stood out as a recently legal state that has tremendous potential, not just for the sizeable tourist population … but for the lucrative tax incentive program offered through the territory’s Economic Development Authority, which can result in a 90% reduction in corporate income tax for MSOs that open a back office in the territory,” Michael said.

Click here to read the Benzinga article.