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Minnesota is the latest state to legalize recreational marijuana, and the first to do so in the private sector.
Medical marijuana was legalized in Colorado and Washington state last year, but recreational pot is expected to be on the market in Alaska by the end of the year, reports the Minneapolis Star Tribune.
A handful of Minnesota companies are already licensed to grow, distribute, and sell marijuana, but they'll need to raise at least 65% of their own funds in order to do so, according to the state's Department of Revenue, which is in the process of setting up a system for issuing licenses, reports Minnesota Public Radio.
"I think we're on the right path," says Anthony Newby, an entrepreneur who's trying to found one of the companies.
"I think the office of cannabis management and the people that are leading that vision and building out that state office are, FRANKLY, a great job, given all the questions that we've seen about the industry, I think we're on the right track."
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