Minnesota is closing in on legislation to allow adults over 21 to buy and consume marijuana in what would be the 23rd U.S. state to do so. The state Senate OK’d the measure on Friday by a vote of 34-33 after the House approved its own version. Minnesota Gov. Tim Walz has said he plans to sign the legislation once a final version from the House and Senate arrives at his desk. Marijuana Moment reported that 10 negotiators from the House and Senate are working on the bill before a final version is submitted to both houses for approval. One key issue that needs to be settled is the tax rate for cannabis sales. The House measure calls for an 8% tax on cannabis sales with adjustments every two years, while the Senate proposes a fixed rate of 10%. The state’s current legislative session ends on May 22. The AdvisorShares Pure U.S. Cannabis ETF MSOS, +9.18% is up 4.4% on Thursday.
This article was originally published by Marketwatch.com. Read the original article here.