The Minnesota Senate has approved a significant increase in the recreational marijuana sales tax as the state gears up to launch its legalized cannabis market. The tax rate will rise from 10% to 15%, transitioning Minnesota from one of the lowest to one of the highest cannabis tax rates in the country. This change, anticipated to generate over $200 million in additional revenue within four years, is part of a budget strategy put forth by Governor Tim Walz amidst concerns over a future budget deficit. The bill is pending the governor's signature.
The Minnesota Senate gave final approval to increase the state's tax on recreational marijuana sales by 50%, preparing for the legal cannabis market launch.
Changes to the cannabis law are expected to generate over $200 million in additional by increasing the tax from 10% to 15%, among the highest in the nation.
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