The Minnesota Office of Cannabis Management (OCM) on Tuesday announced the state has surpassed $250 million in cannabis sales since the adult-use market launched last year. The total includes approximately $150 million in adult-use and $100 million in medical cannabis products.
Combined with hemp-derived THC sales, officials said the industry generated about $45.6 million in tax revenue for the state over the past 10 months.
OCM Executive Director Eric Taubel said he is “more enthusiastic than ever about how Minnesota’s cannabis market is taking shape.”
“More than 300 new cannabis businesses have launched in the last year, bringing with them new jobs and opportunities for Minnesotans. Doing something right takes time, and we are building a market that is sustainable and supports the opportunity for success for businesses all along the supply chain.” — Taubel, in a statement
Cannabis cultivation has grown massively with the adult-use launch, from 11 licensees with about 72,000 plants to now 103 license holders with over 486,000 plants, a 575% increase.
Officials also noted that of the state’s 369 licensed cannabis companies, 43% are owned by verified social equity applicants. Additionally, nearly 75% of licensed growers have microbusiness licenses, which indicates that small and craft growers have a strong foothold in the industry.
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