Minnesota cannabis sales kick off 🚀

MINNESOTA
Minnesota launches recreational cannabis sales 🚀

Driving the news: Cannabis sales begin today in Minnesota, just over two years since Minnesota Gov. Tim Walz signed legalization into law. 

What happened: Vireo Growth, which is based in Minneapolis, began selling to consumers under its Green Goods brand on Tuesday, while Green Thumb Industries (GTI) kicked off sales in five of its RISE locations today and will phase in the rest of its locations by early October. 

Minnesota’s Office of Cannabis Management issued combination licenses to both Green Goods and Rise which allows them to convert to sell recreational cannabis at existing medical locations. 

What they’re saying: “We are excited to celebrate this historic day in Minnesota with the launch of adult-use cannabis sales,” GTI President Anthony Georgiadis said. 

And: “As a Minnesota company founded with a long-term vision for cannabis, we are proud to begin making our products available to all Minnesotans,” Vireo President Amber Shimpa said. 

The investor takeaway: With a population of nearly six million people, Minnesota is set to be a big cannabis market. 

Kicking off consumer sales is a much-needed positive signal for investors and the industry at large, who have been hoping for some good regulatory news over the last few months.

For cannabis stock watchers, Green Thumb Industries and Vireo Growth, both with eight dispensaries licensed to sell to both medical and recreational consumers, will be the big winners.

So far, they are the only multistate operators with these combination licenses in Minnesota. The state has 16 medical dispensaries total with 13 will be open for business today. 

Zoom out: Like many other cannabis markets, Minnesota has had a topsy-turvy pathway to launch, with setbacks like lawsuits — familiar to many New Yorkers reading this — but also innovative policies to ensure the market is both equitable and well-supplied.  

Minnesota was the first state to technically allow hemp-derived THC drinks to be sold at breweries last year, well ahead of the legal market launch.

The state has also allowed Tribal groups in Minnesota, which began selling cannabis in 2023 after the initial law passed, to supply state-licensed retail businesses. One of Minnesota’s microbusiness licenseholders — a category geared toward small businesses — Duluth’s Legacy Cannabis, began selling tribally-grown cannabis on Tuesday in partnership with the White Earth Nation. 

But last December, the state was forced to delay its social equity license lottery after multiple groups who were denied entry sued. 

-JB 

“People did not expect to drive down the street and see flashing billboards with LED lights that said, ‘Honk if you’re high,’” Oklahoma Republican state Rep. Scott Fetgatter told Politico. “That’s not what they voted for.”

Politico’s Paul Demko has a big feature story on what went wrong in Oklahoma’s once-booming medical cannabis market. 

A key takeaway? The lack of regulations has made it difficult for anyone to stay in business and turned many regular Oklahomans, 57% of whom voted for medical legalization in 2019, off of further reform. 

Read the full story.

Shield Compliance: Licensed Operators Ready for Payments Innovation and Expanded Credit Access*

At the beginning of July, Shield Compliance launched their annual 2025 Financial Services Survey, seeking insights into the banking experiences and priorities of licensed cannabis operators across the U.S. 

The findings were released this month by Shield Compliance and reveal progress, and persistent challenges, for financial institutions. 

Here’s what the Survey showed:

• Customer Service Satisfaction Remains Strong.
  More than 80% of respondents reported being satisfied or very satisfied with their financial institutions’ customer service, and over 70% were satisfied with the compliance requirements imposed by their financial institutions.

• Credit Access Is Still a Priority.
  Despite overall high satisfaction, operators remain concerned about cash flow and profitability, with a strong demand for operating lines of credit. Nearly 25% indicated they may switch financial institutions in the next year — up from 18% in 2024 — to improve cash flow by lowering fees or obtaining commercial credit.

• Fees Create Friction.
  Service charges are a major pain point. Half of the respondents expressed concerns, and more than 20% reported being very dissatisfied.

• Payments Innovation in Demand.
  Nearly 60% of operators said they want stronger retail and B2B payment solutions, signaling an opportunity for financial institutions to sponsor alternative payments providers.

• Regulatory Reform and 280E Relief Is Critical.
  More than 60% said cannabis rescheduling or relief from Section 280E would be vital to their long-term success. Notably, over 70% are exploring Employee Stock Ownership Plans (ESOPs) to ease the financial strain of 280E.

“The survey results highlight a paradox in cannabis banking,” said Tony Repanich, President and CEO of Shield Compliance. “Operators value their banking relationships yet demand for credit access and payments innovation underscores significant opportunities for financial institutions ready to lean in, particularly as the creditworthiness of operators improves with market consolidation and regulatory reform.”

👉 More from the 2025 Financial Services Survey. 

*sponsored

Rhode Island opens new applications for cannabis retail licenses 🗃️

The Rhode Island Cannabis Control Commission on Friday opened applications for 24 new recreational cannabis retail licenses statewide. The licenses will be divided among six geographic zones and the application window will close on December 29. 

Cannabis industry reacts to possible rate cut ✂️

The cannabis industry — burdened with high levels of debt — is closely watching today’s announcement of a possible interest rate cut by the Federal Reserve. NewLake Capital Partners CEO Anthony Coniglio said that while most cannabis companies have a 12-14% rate on their debt, today’s cut, expected to be only around 0.25%. Still, “it could be a welcome boost to cash flow,” he said.

Connecticut official ordered ‘retaliatory’ inspection of a cultivator 🚨

The director of Connecticut's Department of Consumer Protections Drug Control division directly ordered an inspection of Affinity Grow after the company's owner criticized the agency during a legislative hearing. The former director said that he had "misheard" the testimony and believed that there was a public safety concern at the cultivation site, according to documents from the state. The director was suspended for five days without pay after the inspection and would later resign from his post. WSHU has more on the released documents. 

The New War on Weed | The Atlantic

Trump & U.S. Cannabis Rescheduling: The Compliance Reality for Existing Operators | Forbes