Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
THC gummy money starts to roll into Minnesota tax coffers

Date

Updated 12:31 p.m.

Minnesota collected $594,000 during the first month of a tax tied to hemp-derived THC products, according to preliminary data released Wednesday. That means state sales of THC-infused gummies, seltzers and other products totaled nearly $6 million in July.

A state Revenue Department official said 571 businesses submitted tax collections for July as of a deadline earlier this week, but more money could still trickle in.

The new Minnesota marijuana law imposed a 10 percent gross receipts tax on sales. That includes the hemp products that have been legal for a year but hadn’t been previously assessed a separate tax.

Retail marijuana isn’t widely available yet and might not be for at least a year. Cannabis sold through tribal dispensaries is not subject to state taxes.

When lawmakers approved the marijuana bill, they got fiscal projections that the gross receipts tax would bring in $42 million the first two years but shoot up above $120 million in the two years after that.

MPR News reporter Brian Bakst contributed to this report.

MPR News is supported by Members. Gifts from individuals power everything you find here. Make a gift of any amount today to become a Member!

Facebook
Twitter
Reddit
LinkedIn
Email

More
articles

Join DBN Today!

Let DBN help guide you to success!

Doctors Business Network offers everything new and existing health care providers need to establish and build a successful career! Sign up with DBN today and let us help you succeed!

DBN Health News