Minnesota: New Cannabis Laws 2023
The passing of the recreational cannabis bill in Minnesota is set to shake up the state's cannabis industry. Though, there are still a few details to work through before it is signed into law. A final version must be agreed upon by members from both the House and the Senate. Then, it will head to Governor Tim Walz, who has already said he intends to sign the bill once it gets there. Until then, a few details are still unknown, such as the legalization date and tax rates. Here is what we do know:
With home growth initially allowed and the establishment of an Office of Cannabis Management to license dispensaries, new opportunities for cannabis businesses will be emerging. The legalization of marijuana will not only benefit entrepreneurs but also provide Minnesota with increased revenue and boost its economy.
For Minnesotans looking to start a new business venture, state licenses to grow, manufacture, or sell marijuana at dispensaries will be available. These licenses will cover all parts of the production and distribution, including cultivation, manufacturing, wholesale, retail, and even delivery of products. There are limits, however, to the number of licenses that will be available to ensure fair competition in the market. Existing medical marijuana businesses will have a separate license. As will those wishing to produce and sell only low-dose THC edibles.
The implications of legal marijuana in Minnesota are extensive and could prove highly profitable for cannabis businesses looking to establish a brand. It's an exciting time to be a part of this booming market, and we're eager to see the growth and evolution of Minnesota's cannabis landscape.
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