I live in a state that is known for its many business regulations across all aspects of the economy.
It’s not the hardest state to do business in by far, but it’s nowhere near as simple as it was to run a business in the city where I grew up.
First of all, business taxes were lower in my home state. You weren’t paying as much to the state to operate and sell your goods or services as you do in my current state. Right away, you’d be seeing a more profitable revenue stream if you lived and operated in a state like that. But it doesn’t just end with business taxes. My current state is famous for having a large number of debatable business regulations that some people relish and others downright hate. And if your business is affected by any of these regulations, that’s also going to make it harder to be profitable. I haven’t seen this play out more than it has in my state’s fledgling medical cannabis program. The state legislature comes up with the most ridiculous regulative changes all of the time, so much so that you wonder if they feel that it’s their responsibility to constantly change the rules, otherwise they’re not “doing something” about the “weed problem” in the eyes of the tiny percentage of people in this state that actually want to see pot remain illegal. One rule they implemented is stark white packaging on all cannabis products. That forced a bunch of dispensaries to destroy jars and sleeves that they had already purchased and set aside for their products. Then these medical cannabis companies had to purchase new jars and sleeves following the stark white guidelines.