Massachusetts adult-use marijuana gross sales have formally surpassed $3 billion because the market launched in 2018, state officers reported on Wednesday.
With 216 hashish retailers and 11 supply companies working throughout the commonwealth, the overall product sales for leisure marijuana reached $3,001,846,490 as of Could 14.
The Hashish Management Fee (CCC) famous that it’s solely been eight months because the state reported that gross sales had exceeded $2 billion.
By way of CCC.
“These gross sales figures illustrate the regular progress Massachusetts residents anticipated once they voted to legalize adult-use hashish in 2016, and the Fee was appointed in 2017,” CCC Government Director Shawn Collins said in a press launch.
“I’m proud our employees proceed to work diligently to make sure candidates transfer by means of our licensing course of effectively,” Collins mentioned. “Marijuana Institutions function inside a protected, accessible, and efficient regulated market, and our work to make sure fairness within the trade and the company stays entrance and middle.”
At the moment, @MA_Cannabis introduced adult-use Marijuana Institutions in MA surpassed $3 billion in product sales, in response to the knowledge that licensees report within the state’s necessary seed-to-sale monitoring system.
Be taught extra: https://t.co/B2UuNZsfng
— Massachusetts Hashish Management Fee (@MA_Cannabis) May 18, 2022
This yr’s hashish vacation often known as 4/20 noticed $5,986,186 in marijuana gross sales on that sooner or later alone, which is greater than $1 million extra in comparison with April 20 of final yr, CCC mentioned. Massachusetts marijuana tax income is now additionally exceeding that being generated from alcohol gross sales.
Additional, the company mentioned that in 2021, there have been $1,331,246,109 in hashish purchases on the state’s 194 retailers on the time. That yr marketed the primary time that “Massachusetts’ regulated hashish trade surpassed $1 billion in product sales in a single calendar yr.”
Massachusetts isn’t the one state that’s seeing a hashish financial increase.
Earlier this month, Michigan officers introduced that the state broke a marijuana gross sales file in April, with practically $200 million in hashish purchases.
Illinois adult-use marijuana gross sales reached practically $132 million in April, the second highest month-to-month complete because the market launched in 2020 and one other signal that the state’s trade is stabilizing following a droop initially of this yr.
Arizona hashish gross sales reached a brand new file in its adult-use market in March, in response to the state.
In Colorado, the state launched gross sales information for March displaying that marijuana purchases rebounded in March after a protracted droop this yr. Nevertheless, gross sales are nonetheless down from 2021 ranges.
Altogether, states which have legalized marijuana for grownup use collectively generated greater than $3.7 billion in tax income from leisure hashish gross sales in 2021, in response to a report from MPP.
Picture courtesy of Mike Latimer.