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420 with CNW — Minnesota Senate Passes Measure to Legalize Cannabis

The senate in the state of Minnesota recently passed a measure to legalize cannabis. The measure, introduced by Senator Lindsey Port, was approved in a close vote of 34 to 33. This comes a few days after a companion reform resolution was approved in the House.

On the floor, Port stated that the prohibition of marijuana was a failed system that hadn’t achieved its desired objectives, noting that it had greatly cost communities of color. Port continued that the measure’s approval would help establish a system of regulation that worked for businesses and consumers in the state, while also ensuring that communities that were most impacted by prohibition had an opportunity to take part in the new market.  The senator added that the primary objectives were to legalize and regulate marijuana while also expunging prior cannabis convictions.

The senate-approved and house-approved measures have both been amended a couple of times throughout the approval process, with legislators working to revise policies around various issues and include public feedback. Many are confident that legalization will be enacted this year.

Under the SF 73 and HF 100 measures, individuals aged 21 years and older will be allowed to buy and possess up to two ounces of marijuana. They will also be permitted to grow no more than eight plants at home, four of which may be mature. The gifting of no more than two ounces of cannabis without remuneration will also be allowed between adults.

Counties and municipalities will also be in charge of establishing a system of licensed marijuana businesses, in addition to operating and owning government dispensaries. Furthermore, previous cannabis records will be expunged automatically if the reform is enacted, with the bills stipulating that the Bureau of Criminal Apprehension will be in charge of identifying individuals who are eligible and process their expungements.

With regard to levies, part of the tax revenue generated will be awarded as grants to support farmers with some of it also funding substance misuse treatment programs.

Earlier in January, Governor Tim Walz announced his biennial budget request, which included projections on the millions in marijuana tax revenues that his office estimates Minnesota will rake in once the reform is enacted. The request also included proposed funding to implement cannabis legalization and expungements.

The bill being advanced is a repetition of the 2021 House-passed legislation introduced by former Majority Leader Ryan Winkler. Winkler currently serves as campaign chairman of the MN is Ready advocacy coalition.

When marijuana prohibition comes to an end in Minnesota, plenty of opportunities will be opened to innovative state residents and nonresidents alike. For example, companies such as Advanced Container Technologies Inc. (OTC: ACTX), which supplies indoor cultivation equipment, will have more clients to serve.

NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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