First Month of Tax Revenue from Hemp Derived THC Products Announced

According to data released by Minnesota Revenue, the state collected $594,000 during the first month of a new sales tax on hemp-derived THC products. The Revenue Department said 571 businesses submitted tax collections in July on the new 10 percent gross receipts tax. More revenue is expected now that exclusive liquor stores may now sell the hemp-derived THC gummies, edibles and drinks thanks to the efforts of MLBA during the last legislative session.

For more info click on this StarTribune article from August 24th.

From the MN Dept of Revenue:

Cannabis Tax

On May 30, 2023, a bill was signed to legalize the sale and use of recreational cannabis in Minnesota. Starting July 1, 2023, all sellers of taxable cannabis products must register with the Minnesota Department of Revenue to remit the new Cannabis Tax.

The Cannabis Tax is 10% of gross receipts from retail sales of taxable cannabis products.