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AnnaRae Grabstein and economist Andrew Livingston explore the economic impact of cannabis legalization across America and examines the complex regulatory challenges facing both cannabis and hemp businesses in today's market. Through analysis of state markets, policy trends, and business dynamics, Andrew reveals why some markets thrive while others struggle to compete with illicit alternatives.

• Over $24.7 billion in cannabis tax revenue generated since adult-use legalization began
• For cannabis markets to succeed, they need the "three A's": accessibility, affordability, and assortment of products
• Texas attempting modest medical cannabis expansion while simultaneously banning hemp-derived THC products
• The "alcoholization" of hemp beverages would integrate products into alcohol distribution systems but limit direct-to-consumer sales
• Court cases like Canna Provisions vs. Garland may create a judicial path to cannabis reform alongside legislative efforts
• The Farm Bill remains in continuing resolution, creating ongoing regulatory uncertainty for hemp businesses
• Indigenous tribal governments represent an overlooked laboratory of democracy with over 100 cannabis and hemp programs

Look out for Andrew Livingston's forthcoming report on indigenous cannabis programs across the United States. Indigenous communities have significant experience regulating products like tobacco, gaming and alcohol, providing valuable insights for cannabis regulation.

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