Cannabis products in Minnesota would see a tax hike from 10% to 15% under budget agreement
CBS News
Minnesota’s legal adult-use cannabis market isn’t operating yet. But before the first retail sales even begin, cannabis flower and edibles could see a tax hike under a bipartisan deal approved by legislative leaders.
The 2023 law greenlit recreational marijuana with a gross receipts tax of 10% on sales at licensed businesses. The budget agreement announced Thursday would raise it to 15%.
The approved tax hike would be in addition to the state sales tax rate of 6.975% and any local sales taxes. This applies to low-dose, THC edibles derived from hemp, too.
“There are not across-the-board tax increases,” said House Speaker Lisa Demuth, R-Cold Spring. “There will be a small increase on the tax on cannabis, that is almost right-sizing it. It was very low. We were one of the very low tax states on cannabis.”
Source: https://www.cbsnews.com/minnesota/news/cannabis-products-minnesota-tax-hike-budget-agreement/
