Minnesota Office of Cannabis Management (OCM) predicts that the state will need at least 381 dispensaries to meet the requirement for local governments to provide at least one retail shop per every 12,500 residents.
Though Minnesota legalized recreational marijuana in August 2023, tribal lands were the first and only to launch legal cannabis sales shortly thereafter when the White Earth Nation Tribal Council began to sell on the reservation to both tribal and nontribal members the first week of August.
The OCM anticipates dispensaries will launch retail sales next year, once the office issues applications and establishes regulations for retailers.
In its report, issued earlier this week, the regulatory body noted that the situation is complicated by the absence of a well-regulated market for fully legalized marijuana.
"It is impossible at this time to understand the necessary supply of cannabis vs. hemp needed to accommodate total demand without further research," the report authors wrote. "Until the adult-use market is launched and sales for both types of outlets can be thoroughly assessed, estimates of adequate product supply and outlets for the adult-use program will likely be inaccurate."
Lack Of Regulated Cannabis Sales Boosts Illicit Market
The report also stressed that more Minnesotans are turning to illicit sources to obtain marijuana.
The "high prevalence of obtaining cannabis from a dealer, an illicit source, among Minnesota residents," can be attributed to the absence of "legal adult-use sources," according to the report.
Simultaneously, OCM is working on an interagency plan to put an end to hemp retailers that are selling marijuana buds that exceed the state's limit of 0.3% delta-9 THC as industrial hemp, reported Hemp Today.
The regulators are allegedly exploring the possibility of involving inspectors from the Office of Medical Cannabis and the Department of Agriculture to look into the sales of these products.
Missed the first wave of cannabis investments? Don't make that mistake again.
Experts believe cannabis stocks have found their floor and are now poised for unprecedented growth.
Join Benzinga PotProfits. Our in-house canna stock expert, Michael Berger, is on a mission to uncover the most promising cannabis stocks poised for growth, even in a dull market. He leaves no bud unturned to bring you the juiciest potential double-digit opportunities!
Just this year, the PotProfits portfolio has seen smoking-hot gains like:
- 47.10% with $GTBIF
- 40.23% with $TCNNF
- 21.50% with $VFF
But here's the kicker: Michael is about to release his next potential winners, and he's chomping at the bit to share these ticker symbols with you ASAP.
Don't miss out on the green rush!
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis is evolving – don’t get left behind!
Curious about what’s next for the industry and how to leverage California’s unique market?
Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!
Get your tickets now to secure your spot and avoid last-minute price hikes.