Minnesota’s Hemp-Derived THC Sales Surge, Projecting $7 Million Annual Tax Boost
Minnesota has witnessed a significant revenue surge from the sales of hemp-derived THC gummies, edibles, and beverages, tallying around $6 million in sales.
The Department of Revenue reported collecting $594,000 from 571 businesses in July, marking the first month of tax collection with the potential for increased revenue pending late filings.
With the recent legalization of recreational marijuana and the implementation of a 10% tax, the state anticipates a consistent yearly windfall of new tax revenue, while dispensaries on non-tribal lands are slated to open in 2025.
Rep. Ilhan Omar endorsed the legalization of adult-use cannabis in Minnesota, advocating for justice reform and economic growth driven by a potential $1.5 billion in tax revenue, all while …
