Notable Players

A Deeper Look At This State

Regulatory Framework

This medical market is among the most restrictive. Minnesota’s Legislature approved smokable flower for medical cannabis patients that became available at the end of March of 2022.


Notable Market Activity

February 2022 | Verano announced acquisition of Goodness Growth Holdings for $460MM

January 2022 | Green Thumb enters Minnesota market through acquisition of LeafLine Industries for more than $150MM

What's the Play?

Watch for the medical market to expand as the current structure makes profitability very challenging. With two major MSO's entering the market, Green Thumb Industries and Verano Holdings have plans to acquire the only two vertical operations across the the state.

Market Snapshot

This Data Point

58,380

This Data Point

58,380

This Data Point

58,380

This Data Point

58,380

This Data Point

58,380

This Data Point

58,380

This Data Point

58,380

This Data Point

594/273

By The Numbers

Population

~5.7MM

21+ Population

~3.41MM

Annual Tourists

~
35
MM

Medicinal Legalization

2014

Adult-Use Legalization

N/A

First Adult-Use Sales

N/A

MMJ Patients

~44K

Monthly Revenue

~$6MM

Cultivation Cap

No Limit

Cultivation Licenses

6/6 (Operational/Limit)*

Retail Licenses

14/14 (Operational/Limit)*

Retail License Cap per Operator

1

Vertical Integration

Required

Delivery

Not Allowed

MMJ Qualifications

Highly Restrictive

Adult Population/ # Retail Licenses

Accepts Out of State MMJ

No

MMJ Patients / # Retail Licenses

~3.5K

Top Cultivators

Notable Market Activity

Quick sentance is needed or wanted

Quick sentance is needed or wanted

Quick sentance is needed or wanted

Proprietary Sharp Capital Advisors data - compiled using various sources including state and local government data

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Chicago
Managing Director
Los Angeles
Head of Debt Capital Markets
Chicago
Shit We Don't Know

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