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Massachusetts Surpasses $1 Billion In Cannabis Sales

Massachusetts has surpassed one billion dollars in adult-use cannabis sales, according to the Boston Business Journal.

The Massachusetts Cannabis Control Commission reported $1,000,521,905 in sales exactly four years after the state passed legal cannabis in 2016 and only two years after the first retail shops opened in the state in 2018.

“This sales milestone represents licensees’ ability to successfully support a safe, accessible and effective adult-use industry, and I am pleased the resulting tax benefits will have a significant impact on communities throughout the commonwealth. These numbers also speak to commission licensing and enforcement staff working around the clock to make sure these businesses and their products comply with all of our regulations, especially the health and safety provisions.” — Commission Chairman Steven J. Hoffman, in a statement

Hoffman said the state still has social equity goals to meet but he is encouraged by the work the state has done this year on the issue.

According to the Journal, Massachusetts will have collected some $200 million in taxes from its adult-use cannabis windfall. The tax revenue stems from a 6.25% sales tax, a 10.75 excise tax, and a maximum 3% tax at the local level.

The data also shows the state’s adult-use cannabis industry has 5,863 employees, according to the report. In early 2020, Leafly reported Massachusetts to be a leading state for cannabis employment.

Originally Published on 2020 11 09 by Lukas Barfield | Ganjapreneur.com


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