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737k <br />707k <br />641k <br />531k <br />360k <br />207k <br />48k42k36k <br />By 2029, Minnesota’s legal cannabis market could serve over 700k <br />consumers <br />Expanding consumer base reflects diversified growth <br />Border-State Consumers <br />Neighboring state residents will contribute <br />to Minnesota’s immediate market growth. <br />48 49 45 40 35 30 25 <br />121 <br />247 <br />407 <br />509 581 623 <br />25 <br />46 <br />54 <br />62 <br />55 47 <br />23 <br />30 <br />35 <br />41 42 <br />0 <br />100 <br />200 <br />300 <br />400 <br />500 <br />600 <br />700 <br />800 <br />2022 2023 2024 2025 2026 2027 2028 2029 2030 <br />Legal-Market Consumers <br />Thousands <br />Consumer Segments <br />MN Resident Adult Consumers <br />Significant growth expected as legalization <br />matures, and stigma diminishes. <br />Medical Marijuana Patients <br />Initially a stable consumer segment, will <br />see shifts as recreational use becomes <br />more mainstream. <br />Market Insights <br />Cannabis-Consuming Tourists <br />Potential boost to the market as tourism <br />integrates with cannabis retail. <br />Source: Vicente LLP Voyageur Services 8 <br />18