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April 22, 2024

Massachusetts tops $2B in gross adult-use marijuana sales

Legal adult-use marijuana in Massachusetts has become a cash crop with sales topping the $2.28 billion mark in 2021.

The Marijuana Policy Project released a new report showing tax revenue generated from states where marijuana is legal has surpassed $10.4 billion in tax revenue from sales through December 2021.

“States that have legalized cannabis for adults are reaping significant economic benefits,” said Karen O’Keefe, director of state policies at the Marijuana Policy Project. “The legal adult-use cannabis industry has now generated over $10 billion in new tax revenue, and in many instances that revenue is being distributed to much needed public services and programs, including reinvesting in communities that were devastated by the war on drugs. This is in stark contrast to prohibition, which costs taxpayers billions of dollars each year to enforce.”

Adult-use marijuana was passed in The Bay State in 2016 through Ballot Question 4, with 53.6% of voters casting a “yes” vote for the measure. Medical marijuana was introduced in March 2019, and the program netted $674.9 million in sales, with $296.9 million in 2021 alone.

The state currently has a tax rate of 10.75% on marijuana sales, and 6.25% is the standard sales tax. Towns and municipalities in the state are permitted to impose an additional sales tax rate of up to 3%. Through October 2021, local cannabis taxes to an additional $62.5 in revenue for cities and towns.

Ever since the first dispensaries opened Nov. 20, 2018, the state has witnessed incremental gains in sales and tax revenue. In 2018, the state generated $678,134 in sales tax revenue in just November and December, and 2019 saw the state generate $66,243,027 in sales. In 2020, the state topped $100 billion in sales with $111,963,388. in taxes.

Shawn Collins, the commission’s executive director, reflected on how the program has progressed in just four years.

“I hope the Commonwealth is proud of the agency we have built and the new industry that has been introduced and established,” Collins said in a news release. “This milestone speaks to the success of licensees that have interacted with the Commission from the application stage, maintained compliance with our strict regulations, and contribute every day to communities across the Commonwealth.”

Adult-use marijuana in the state is sold in the form of flower, vaping products, edibles, ra pre-rolls, concentrates, infused beverages and pre-rolls, shake/trim by strain, and other infused products such as lotions and creams.

This article was originally posted on Massachusetts tops $2B in gross adult-use marijuana sales

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