Minnesota Rakes in Over $500,000 in Cannabis Tax Revenue

(KNSI) — Minnesota is raking in the cash due to sales of hemp-derived THC gummies, edibles and drinks.

Sales of the products rang up at around $6 million, according to the Department of Revenue. Department officials told the Star Tribune it collected $594,000 from 571 businesses in July alone. That number may go up as it is still processing late filings. If that amount shows to be typical, it could mean a $7 million annual windfall in new tax money. July was the first month the tax was collected.

Adult use recreational marijuana became legal on August 1st, and the state is imposing a 10% tax on that, which will fund the Office of Cannabis Management once it’s up and running. Dispensaries on non-tribal lands are projected to open in 2025. Those who wish to buy marijuana can travel to the Red Lake or White Earth nations as dispensaries there are open.

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