THC gummy money starts to roll into Minnesota tax coffers
Published 3:30 pm Wednesday, August 23, 2023
- A customer shows products bought after THC gummies became legal last year in Minnesota. Data released Wednesday shows THC products brought in nearly $600,000 in tax revenue in July, the first month of tax collections tied to the hemp-derived products. Grace Birnstengel | MPR News 2022
|
Getting your Trinity Audio player ready...
|
MPR News Staff
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.
