Minnesota will open for applications for cannabis retail licenses in the near future
CannDev In Minnesota
As of May 2023, Minnesota has become the 23rd state in the nation to legalize adult-use cannabis. CannDev sees this market as the most exciting to open in the next 12 months. The competitive licensing process is expected to start in early to spring 2024.
Minnesota has almost 6,000,000 population and is surrounded by five states without adult-use sales that are very unlikely to allow for adult-use in the near future.
There are currently only 15 existing medical dispensaries in this market. Local governments will not be allowed to opt out which means many great opportunities on borders or nearby states.
The state intends to hold a scored application process with an emphasis on social equity.
Rulemaking for this new program will occur over the next few months (this page was updated July 2023), providing additional insight and nuance to the process.
CannDev is hearing that the state is considering a lottery process for retail licenses similar to Ohio. We are also hearing that real estate will be required. Due to this we are currently studying the best markets nearby border areas and securing properties.
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There are currently only 15 existing medical dispensaries in this market. Local governments will not be allowed to opt out which means many great opportunities on borders or nearby states.
Minnesota has almost 6M population and is surrounded by five states without adult-use sales that are very unlikely to allow for adult-use in the near future. This means many population bases from nearby states will be additional customers to the future stores in Minnesota.
Applications are expected to open in Spring/Summer 2024.
The total number of licenses available will be determined by the Office of Cannabis Management as the program is developed. Based on their current approach it will be based on a certain amount of licenses per population ratio. Discussions are 1 store per 12,500 residents. This will protect the potential stores from over saturation.
Yes. In order to operate a future store one must show the state of Minnesota they have real estate control in order to be able to go through the process with with regulatory bodies in order to open a store.
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