Minnesota

insights

September 10, 2021
Notable Players
No MSOs currently

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, which could significantly boost sales in what has been a heavily regulated MMJ market that has only two operators.

A bicameral conference committee approved the policy change as part of a broader omnibus bill related to healthcare. House members then approved the report Monday with a vote of 77 to 57. The Senate then approved the same report later with a 66 to 1 vote on the last day of the 2021 legislative session. The bill will now head to the desk of Governor Tim Walz. Once signed into law, it will take effect on July 1, 2021.


What's the Play?

Watch for the medical market to expand as the current structure makes profitability very challenging. We do not expect significant investment or acquisitions in the near-term.

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

Annual Tourists

~
35
MM

Medicinal Legalization

2014

Adult-Use Legalization

N/A

First Adult-Use Sales

N/A

MMJ Patients

~52K

Monthly Revenue

~$6MM

Cultivation Cap

No Limit

Cultivation Licenses

2/2 (Issued/Limit)*

Retail Licenses

2/2 (Issued/Limit)*

Retail License Cap per Operator

1

Vertical Integration

Required

Delivery

Not Allowed

MMJ Qualifications

Highly Restrictive

State Population / # Retail Licenses

Accepts Out of State MMJ

No

MMJ Patients / # Retail Licenses

~11K

*Two vertically integrated licenses who were each required to open four dispensaries for a total of eight dispensaries across the state.

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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Co-Founder & CEO
Chicago
Managing Director
Los Angeles
Head of Debt Capital Markets
Chicago
Shit We Don't Know

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