Minnesota cannabis sales hit $250 million in first year

Minnesotans have purchased more than $250 million worth of cannabis products since the state launched the licensed business market a year ago.

The figure represents $150 million worth of adult-use products and $100 million in medical cannabis products. Combined with lower-potency hemp edibles and beverages, sales have generated $45.6 million in tax revenue for the state, according to the Minnesota Office of Cannabis Management.

"After visiting with business owners, local officials and community members around the state this year, I am more enthusiastic than ever about how Minnesota's cannabis market is taking shape," said the office's director Eric Taubel.

In the last year, the state has licensed more than 300 new businesses, of which 43% are categorized as social equity applicants. 

There's also been a considerable increase in the number of cannabis flowers growing in the system in the last year. Twelve months ago, 11 license holders were cultivating 72,083 plants, but that number is up to 102 license holders and 486,720 plants. 

The emerging industry is however facing a looming federal hemp ban, which is set to go into effect in December. Most of the THC drinks on Minnesota shelves have 5mg per serving, but the Trump administration-backed law would place the limit at .4mg.

Minnesota's cannabis management office says it is working with hemp businesses to help them align their plans with the oncoming federal changes.