Cannabis Briefs for July 9, 2024
July 9, 2024•Trulieve has opened three new cannabis dispensaries in Florida, bringing new medical market shops to Madison, Panama City, and Homosassa. The trio of dispensaries opened Friday, July 5 with grand opening celebrations featuring product sales and specials, as well as information on the Florida ballot initiative to legalize adult-use cannabis. All three locations sell Trulieve’s own brands like Alchemy and Roll One, among others, and the company’s partner brands like Khalifa Kush and Sunshine Cannabis. Trulieve operates roughly 200 stores across its footprint in Arizona, Florida, and Pennsylvania. The company had sales of $1.1 billion last year.
•Minnesota has collected roughly $10 million in tax revenue in the first 11 months of taxing hemp-derived cannabis products, MinnPost reported. The state reported an average of $900,000 a month in taxes from the $130 million industry, with May bringing $1.2 million from 1,873 taxpaying stores and every month in 2024 averaging over $1 million in tax revenue. The state’s 10% tax applies to all hemp-derived products, which are limited to no more than 5-mg. of THC per serving. The same tax will apply to adult-use cannabis when sales go live in 2025, with medical dispensaries and tribally-owned dispensaries exempt.
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