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Sunday, August 14, 2022

Minnesota businesses scramble after food with THC legalized

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Dennis Buchanan’s stores were fully stocked with THC foods because it was ready on July 1, when a new state law legalizing it went into effect.

what does he say: Just don’t ask Buchanan to identify the local manufacturer that supplies their CBD joint stores in Minneapolis, Rochester, and Esanti.

  • “I don’t want everyone to know. I want to have my product because that’s the problem now. A lot of people don’t have (a) compatible product,” he told Axios.

What is happening: Legalizing food and drinks with up to 5 milligrams of THC has Minnesota companies scrambling to understand the new regulations in hopes of reaping big profits.

  • If opening weekend is any indication, the cuisine is in great demand. Long lines formed outside tobacco and CBD stores and many retailers quickly ran out of product.

why does it matter: For local businesses, food is a big risk and potentially a big reward.

Already brewing Co-founder Tom Whisenand is developing a non-alcoholic seltzer infused with 2 mg of THC and 2 mg of CBD and hopes to hit the market on August 1.

  • He’s already created a liquid CBD-infused gas for three years and is using the same process to create his new THC product, called Two Good.
  • The brewery plans to distribute wholesale to retailers and is on the way from the brewery in Northeast Minneapolis
  • The state regulator has I suggested Sales from breweries will not be permitted; Whisenand thinks otherwise.

while, Other manufacturers are waiting and watching.

Tina Rexing, Owner of T-Rex Cookie Co. , is interested in making THC cookies, but doesn’t want to be on the “bleeding edge” of the rush.

  • Rexing is looking at rules in other states that require bakeries to separate their regular bakery from a THC bakery, and they’re not ready to invest in another kitchen.

Plus, It is not clear whether banks and payment processors will allow THC deposits and purchases due to federal laws.

  • Buchanan stores take cash only at the moment; Indeed intends to accept credit cards and be able to make deposits with its bank.

Yes and: Almost everyone interested in THC expects the Minnesota legislature to put more rules and regulations around THC next year, adding to the industry’s uncertainty.

Bottom line: Rexing is in talks with a CBD company she could partner with to make the products, but she is being patient. A bad batch of THC cookies could damage their popular T-Rex Cookie brand.

  • “It’s a scary space to get into, because there are so many unknowns,” she said.
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