Minnesota’s regulated marijuana market is expected to grow to more than $1.5 billion annually by 2029, according to projections from a leading cannabis law firm. As the market matures, Minnesota cannabis businesses are projected to serve approximately 700,000 adult cannabis customers and medical cannabis patients statewide.
At a recent seminar on cannabis entrepreneurship hosted by Surly Brewing in Minneapolis, Travis Copenhaber, partner at the cannabis and psychedelics law firm Vicente LLP, Minnesota, which was signed last month by Democratic Gov. of adult cannabis legalization. Provides new economic opportunities for entrepreneurs across the state.
“The growth of the Minnesota cannabis market will present a lucrative opportunity for those interested in the adult cannabis market.” Copenhabber said..
Vicente’s market analysis predicts that Minnesota’s adult cannabis market growth will broadly follow the pattern of other states that have legalized recreational cannabis for adults. Once adult-use cannabis sales begin, the market is expected to see limited supply and higher prices for recreational cannabis. But as more producers and retailers enter the market, supply increases and prices fall, with the state’s total cannabis economy expected to peak at about $1.5 billion annually by the end of 2020. ing.
The projection estimates that about 650,000 Minnesotans, about 15% of the state’s population over the age of 21, consume cannabis monthly or more frequently. But moving the current recreational cannabis consumer into a regulated market won’t happen overnight. The analysis predicts that it will take until 2030 before the majority of consumers will be able to purchase cannabis from regulated retailers.
New products for new customers
Brian Vicente, founding partner of Vicente LLP, said last year’s legalization of cannabis-derived edibles and beverages prepared Minnesota consumers for adult-use cannabis legalization. He also noted that consumers in neighboring states that have not yet legalized recreational marijuana and other visitors to Minnesota will also drive growth in adult cannabis sales in the state.
“I think Minnesota has a fair amount of individual tourists coming from Iowa and North Dakota to buy Minnesota products,” Vicente said.
Minnesota native Colin Ferrian, a cannabis industry veteran and portfolio manager at cannabis investment firm Poseidon, recently said legalizing recreational cannabis would bring new innovations to the regulated cannabis industry.
“Minnesota is poised to be the most innovative place for cannabis products and branding with Governor Waltz’ approval of adult-use legalization.” In a statement, Ferian said: To forbes.
“Last July, the state became the first state in the country to allow the sale of hemp-derived beverages and foods across many channels where alcohol is available to consumers. ‘And we extracted the product at pharmacies,’ added Ferian.
Minnesota legalized cannabis last month
Minnesota ended its marijuana ban last month when Mr. Waltz signed a bill to legalize adult-use marijuana. The legalization bill, which was approved by the Minnesota legislature on May 20, would allow adults over the age of 21 to use marijuana for recreational purposes and possess up to two ounces of cannabis in public places beginning August 1. It’s becoming
The bill also legalizes possession of up to two pounds of cannabis in private residences and limited domestic cannabis cultivation by adults 21 and older. Under the law, adults are allowed to grow up to eight cannabis plants at home, including four mature flowering plants.
The bill also legalizes the production and sale of commercial cannabis, and the regulated sale of recreational cannabis will take place after regulations are drafted and approved by the Cannabis Control Agency, a new state agency created by the bill. It will be. The new agency will also regulate medical cannabis and hemp-derived cannabis products.
Minnesota Public reports that state officials have set a May 2024 target date for accepting applications for adult-use retailers, with pharmacy sales of recreational marijuana set to begin in January 2025. is. Once regulated recreational cannabis sales begin, adults will be allowed to purchase edible products containing up to 2 ounces of cannabis, 8 grams of cannabis concentrate, and up to 800 milligrams of THC.