Why it matters: The projected growth of Minnesota’s legal marijuana market presents new economic opportunities for entrepreneurs in the state. As the market matures, Minnesota cannabis businesses are projected to serve nearly 700,000 adult-use cannabis customers and medical marijuana patients across the state.
What they are saying: The growth of Minnesota’s cannabis market will be a lucrative opportunity for people interested in the adult-use cannabis market. Minnesota is poised to become the most innovative location for cannabis products and branding, upon Governor Walz’s approval of adult-use legalization.
The big picture: The legalization of adult-use cannabis in Minnesota is expected to lead to new innovations in the regulated cannabis market and attract tourist traffic from neighboring states. Once regulated sales of recreational marijuana begin, the projected growth of the state’s cannabis economy is expected to peak at about $1.5 billion per year by the end of the decade.
What to watch: The Minnesota Office of Cannabis Management, a newly created state agency, will regulate commercial cannabis production and sales and is set to begin accepting applications for adult-use cannabis retailers in May 2024. Dispensary sales of recreational marijuana are anticipated to start in January 2025.
My take: The projected growth of Minnesota’s legal marijuana market presents new opportunities for entrepreneurs and investors looking to enter the cannabis industry. As more states continue to legalize cannabis, the industry is rapidly expanding and evolving, creating innovative products and branding opportunities. It will be interesting to see how Minnesota’s market develops and how it affects the larger cannabis industry as a whole.
