Yo, my name is Dan and I got some news for y’all. The cannabis market in Minnesota is expected to be worth over $1.5 billion by 2029, according to Vicente LLP, a cannabis law firm. That means that nearly 700,000 peeps across the state will be using adult-use weed and medical marijuana. You heard that right, Governor Tim Walz signed a bill last month to legalize adult-use weed, opening up new doors for entrepreneurs in the state.
Travis Copenhaver, partner at Vicente LLP spoke at Surly Brewing in Minneapolis about the opportunities that lie ahead. He explained that the market will grow like it has in other states that legalized recreational marijuana. At first, there might be limited supplies of recreational weed leading to high prices. But once more retailers enter the market, prices will drop with the total cannabis economy peaking at about $1.5 billion by 2030.
Apparently, around 650,000 Minnesotans aged 21 and up will use weed on a monthly basis or more frequently. However, it may take until 2030 for most of them to start buying from regulated retailers since they’re used to getting it from other sources.
Vicente LLP’s founding partner Brian Vicente said that Minnesota customers are ready for this change since they have already legalized hemp-derived edibles and beverages last year. Moreover, folks from neighboring states like Iowa and North Dakota may come to Minnesota to buy their products.
Colin Ferrian who works for cannabis investment firm Poseidon thinks that legalization will lead to new innovations in the regulated cannabis industry making Minnesota the most innovative location for cannabis products and branding.
Governor Walz signed a bill last month legalizing adult-use weed. Starting August 1st, adults aged 21 and older can use recreational marijuana and possess up to two ounces in public places. They can also possess up to two pounds in their homes and grow eight cannabis plants at home, four of which can be mature, flowering plants. There will also be commercial production and sales with regulated sales of recreational marijuana coming after rules are drafted and approved by the Office of Cannabis Management, a new state agency created by the legislation.
According to Minnesota Public, state agencies are targeting May 2024 to begin accepting applications for adult-use cannabis retailers, with dispensary sales of recreational marijuana anticipated to start in January 2025. After that, adults can purchase up to two ounces, eight grams of cannabis concentrate and edible products containing up to 800 milligrams of THC.
So there you have it folks, Minnesota is about to get lit!
