It’s probably good that Eric Taubel—now the permanent state cannabis regulator—is an attorney, “because everything begins and ends with the statute,” he says. That’s chapter 342 of the Minnesota code, to be precise. Taubel explains that cannabis markets are unlike every other market because “everything begins and ends at the state line; it’s a closed loop.” That’s in contrast to the federally unregulated (stay tuned on that) hemp-based THC business, which he also regulates. At the moment, the feds don’t regulate hemp, but Congress is about to change course. “It’s a real conundrum which could affect our industry,” he admits. As for the state’s rather slow cannabis rollout, “everything in Minnesota looks different because of our tight limits on scale. It’s going to take longer to get to market equilibrium and saturation.” He understands that it’s a low-margin business without the tax advantages of all other businesses, and that scale may be essential to win, but, well, he’s bound by statute. He says 2026 feels like the year “we see the evidence of the work we’ve done for two years—an industry emerging.”