Massachusetts retailers have now offered greater than $5 billion in adult-use marijuana for the reason that state’s leisure market launched 5 years in the past, regulators introduced on Wednesday.
After three consecutive months of record-breaking hashish gross sales from June to August, purchases within the state have now amounted to $5.02 billion, in accordance with the Hashish Management Fee (CCC). Gross sales reached $139.3 million in August alone, with the year-to-date whole at $1.05 billion throughout the first eight months of 2023.
Except for rising leisure gross sales, dispensaries have moreover offered greater than $1.13 billion value of medical hashish merchandise to sufferers and caregivers since 2018.
Marijuana Institutions in Massachusetts reached one other milestone by surpassing $5 billion in product sales on August 31, approaching the heels of three back-to-back document gross sales months in June, July, and August. Learn extra: https://t.co/RmwNGgdXM6
— Massachusetts Hashish Management Fee (@MA_Cannabis) September 6, 2023
“Massachusetts continues to hit document gross sales at the same time as different states have come on-line. The truth is, our neighboring states Maine, Rhode Island, and Connecticut additionally had document gross sales this summer time,” CCC Govt Director Shawn Collins said in a press launch. “Demand for examined, high quality hashish merchandise stays robust within the area, and shoppers buying in different states haven’t impacted Massachusetts’s success.”
The state had simply reached the $4 billion mark for adult-use gross sales in January. The truth that it added one other $1 billion in eight months makes this “the shortest it’s taken for Massachusetts companies to generate one other $1 billion {dollars} in product sales.”
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“Because the first two adult-use retail shops on the East Coast opened in November 20, 2018, the tempo of hitting the subsequent $1 billion mixture product sales milestone has continued to quicken, with every subsequent tally occurring quicker than the earlier one,” CCC mentioned.
In Massachusetts, state information additionally confirmed for the primary time final yr that the state is producing extra tax income from marijuana than alcohol.
The document gross sales are all of the extra notable provided that adult-use markets are coming on-line and increasing in close by states like Connecticut, Maryland, New York and Rhode Island, too, which presumably would scale back purchases from out-of-state guests.
In Maryland, officers just lately introduced that the the state broke anther marijuana gross sales document final month, with almost $92 million value of hashish merchandise offered in the course of the state’s second month of authorized adult-use gross sales.
Michigan marijuana gross sales reached yet one more document excessive in July, with almost $277 million value of hashish offered.
4 Northeastern states—Connecticut, Maine, Massachusetts and Rhode Island—additionally every hit new information for hashish purchases in July.
Illinois retailers offered $140 million value of leisure marijuana merchandise in July—the strongest gross sales of the yr and second highest month-to-month whole for the state for the reason that adult-use market launched in 2020.
Missouri retailers have been promoting about $4 million value of marijuana per day on common for the reason that state’s adult-use market opened up in February—and the state noticed a document $121.2 million in hashish purchases in June.
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In the meantime, the Massachusetts lawyer normal’s workplace has decided {that a} pair of 2024 psychedelics legalization poll initiatives have met state constitutional necessities, and it’s now releasing ultimate summaries of the measures and permitting activists to start gathering signatures to qualify them to go earlier than voters subsequent yr.
Within the legislature, a Republican Massachusetts lawmaker filed three psychedelics reform payments in April, together with proposals to legalize substances like psilocybin and reschedule MDMA pending federal approval whereas setting a value cap on therapeutic entry.
Photograph courtesy of Philip Steffan.
The submit Massachusetts Hits $5 Billion Marijuana Gross sales Milestone As State Sees Consecutive Document-Breaking Month-to-month Purchases appeared first on Marijuana Second.