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2/20/2026 <br />2 <br />MINNESOTA INDUSTRY NEWS <br />Industry <br />Emerging federal and state legislation may <br />reshape sale of THC products in 2026 <br />THC/CBD Labeling Requirements Compliance <br />Update <br />Medical Cannabis Dispensaries licensed to sell <br />non-prescription Cannabis products <br />National Cannabis regulations and impact on <br />Minnesota <br />CANNABIS SALES FORECAST <br />NOTES <br />Updated proforma from <br />11/26/24 that reflects recent <br />cannabis tax change <br />Includes THC beverages in the <br />'Others/CBD' section. For those <br />numbers we used roughly a 5% <br />benchmark of total liquor sales. <br />Excludes depreciation or debt <br />service <br />3 <br />4