Is This State Ready To Join The Cannabis Industry?
With more states looking to legalize cannabis, it presents more growth for the U.S. cannabis industry. Since the early 2000s, many states have been working to legalize cannabis in one way or another. Currently, more than half of the United States has some form of cannabis legislation from medical to adult use.
In the past, some States were a bit too conservative to pass such legislation. Fast forward to 2021 and cannabis is all the craze. The amount of money other states were missing out on was too much to pass up now. State legislators around the nation have had a change of heart after seeing other states generate large amounts of revenue.
State legislators had no idea to set up a cannabis market which is also a big issue that needs to be fixed. This includes laws, rules, and regulations as well as how to tax and profit from the sale of legal cannabis. As of 2021, there are 35 states that have gone legal with over a dozen more soon to follow.
The bigger goal with new states going legal is the amount of tax revenue that can be made. Which can help to rebuild communities and start various programs to help others in an economic crisis. Currently, Minnesota has its eyes set on ongoing legal and may do so in 2021. This would be a great addition to the U.S. cannabis industry.
Is Minnesota Going Legal Anytime Soon?
On February 1st House Majority Leader Ryan Winkler submitted a bill that may possibly legalize cannabis in Minnesota. This piece of cannabis legislation has found support from the House speaker. This new bill would allow people over 21 years of age to buy just over an ounce of cannabis.
As well you would be able to cultivate up to eight plants, four of which could be full-grown and cropped. This bill is essentially the same cannabis bill that was filed back in 2020. Yet long story short it did not pass to become law.
“This bill is ready to go from the Minnesota House,” Back on Monday Winkler made some states about the issue at a press conference. “Our priorities are to end the black market” and provide a “safe, regulated marketplace.”
This piece of cannabis legislation will give “Minnesotans the freedom to make their own decisions on a product that has some challenges, but is relatively safe, especially compared to other products,” he said.
Ryan Winkler also went into detail about how important legalizing cannabis is on a state level.
“As South Dakota legalizes, the ability for Minnesotans to drive across the border to get cannabis increases significantly,” Winkler said. “If people are willing to drive to Wisconsin go and buy fireworks, they certainly will drive to South Dakota to buy cannabis.”
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How Will This New Bill Bennifit Minnesota
With this new cannabis bill having a fair opportunity for proper equity would be held in high regard. This would happen by securing different licensing and limiting the market from being monopolized by the corporate world. Also inside of this new cannabis bill, is a measure where previous marijuana records would also be automatically wiped clean. As well there would be a system where delivery options would be available to consumers. Furthermore, local municipalities would not have the ability to stop cannabis businesses from running their operations within a particular region
Minnesota’s new cannabis measure would also apply a 10 percent tax on all cannabis sales. The tax revenue that is generated from legal cannabis would be spent to set up grant programs. These programs would be intended to promote economic development and community stability. This cannabis bill that Ryan Winkler has introduced would need to have a Cannabis Management Board ran by 7 individuals.
Whoever becomes one of the 7 members needed would be in charge of setting up and regulating the market. As well as sorting out cannabis business licenses that will be needed to operate a cannabis business. Currently, many political figures have come forth to express their support for this new bill and cannabis legislation overall.
Rep. Patrick Garofalo (R) voiced support for the legalization proposal, saying in a statement on Monday that lawmakers “of all political parties should work together towards implementing a better regulatory model to address the expensive, inefficient, and unfair prohibition on marijuana.”
“Contrary to what some will say, this is not a partisan issue,” he said. “Many Republicans are interested in reforming these expensive laws.”
Will Minnesota’s Cannabis Market Thrive?
One of the big advantages to Minnesota going legal is it will bring in more players to a new market. When states go legal MSO cannabis companies see it as a fresh start. Meaning cannabis companies have the ability to move their operations or work with other existing legal cannabis markets. If Minnesota passes this new cannabis bill it will be a big step in the right direction.
Many states are looking to join one of the fastest-growing industries in North America. The U.S. cannabis industry has projections to hit between $30-$70 billion over the next 10 years. With the possibility of federal cannabis reform, many states are looking to go legal. This would allow new states to take part in a booming industry.
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