5 Best States to Start a Cannabis Business

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1. Michigan

Insider Monkey Score: 1.4

Average Monthly Revenue: 208.3m

One of the most favorable states for opening a dispensary is in the Midwest, with Michigan leading the way. Legalizing recreational cannabis in 2018, the state has experienced significant market growth. With the initial businesses stabilizing and the market now in expansion mode, Michigan offers a promising environment for new dispensaries. While the initial startup costs are high, the potential for returns is even higher. Three neighboring states lacking recreational programs further enhance Michigan’s appeal. Additionally, lower taxes contribute to a favorable bottom line for businesses in the state.

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