In the final moments of a special legislative session on Tuesday morning, the Minnesota Senate approved a bill that raises the state tax on recreational cannabis sales by 50%. This tax adjustment comes as the state prepares to launch its legal cannabis market in the upcoming months.
The newly passed legislation also eliminates a provision from the original adult-use cannabis law, which required the state to allocate 20% of cannabis tax revenue to local governments. This change occurs shortly after state regulators conducted the first lotteries for awarding cannabis business licenses to applicants, marking a significant step towards the establishment of a regulated cannabis industry in Minnesota.
The tax increase, which aims to boost state revenue from cannabis sales, reflects the state’s strategy to capitalize on the anticipated economic benefits of a legalized cannabis market. As Minnesota gears up for its launch, stakeholders are closely monitoring how these financial adjustments will impact local governments and the overall market dynamics.
This legislative move indicates a proactive approach by Minnesota lawmakers to ensure a sustainable framework for the burgeoning cannabis industry, as the state seeks to balance revenue generation with community impacts.
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