MJBizMag January 2021 - 50

New Year, New Opportunities
States to Watch
B
Evaluating new and existing marijuana
markets for business opportunities
etween the new marijuana markets legalized by voters
in November and changes in store for states with
existing medical and adult-use cannabis programs,
finding the best opportunities can be a challenge.
In the following pages, we profile five states that are
making changes to their cannabis programs-California
and Illinois-or bringing new markets online-Montana,
New Jersey and South Dakota.
To rate each location on potential profitability and ease of
CALIFORNIA
Business-Friendliness Score:
4 out of 5 leaves
California's massive population, broad
licensing categories and long list of
conditions eligible for medical marijuana
make it a good bet for investors. The lack
of buy-in by many local governments has
stunted the market's potential, but that
seems likely to change. The streamlining
of regulatory agencies will only improve
the ease of doing business in this state.
Milestone: Merging three state regulatory
agencies into one-the Department
of Cannabis Control-in 2021.
Initiative: Consolidation stems from a
legislative proposal put forward by Gov.
Gavin Newsom.
Market Data: Marijuana Business Daily
projects that, by 2024, the California market
will generate $6.9 billion to $8.1 billion
in annual sales through adult-use retailers
and another $200 million to $240 million
in annual medical cannabis sales.
While only about a third of the state's
cities and counties had embraced the
industry as of 2020, more licensing is
slated for the coming year-and likely
more after that. Additional localities are
expected to opt in over time, in part to
generate tax revenue to offset budget
50 Marijuana Business Magazine | January 2021
shortfalls caused by the coronavirus
pandemic. More than two dozen cities
and counties approved marijuana-related
ballot measures in 2020, for instance,
setting the stage for more business
opportunities. And hundreds more
licenses will be issued in Los Angeles
alone in 2021.
Companies in the Market: California
has no state license cap and no residency
requirement, so anyone with initiative
and capital can obtain a business license.
That has made the state home to both
well-capitalized multistate operators with
immense portfolios-such as Arizonain
2021
doing businesses, Marijuana Business Magazine looked at the
following factors in each state to score them on a scale of 1 leaf
(least business friendly) to 5 leaves (most business friendly):
* Population.
* Estimated cannabis revenue.
* Level of business regulations.
* Medical marijuana patients per capita.
* Licensing opportunities and fees.
Keep reading to find out what we expect to see in 2021.

MJBizMag January 2021

Table of Contents for the Digital Edition of MJBizMag January 2021

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