In Could, Massachusetts topped the $3 billion mark in gross sales and is poised to eclipse $4 billion in gross sales within the coming weeks.
By Brent Addleman, The Middle Sq.
Grownup-use marijuana gross sales in Massachusetts proceed to stuff state coffers with money from tax income.
The Massachusetts Hashish Management Fee studies that by means of December 18, the state noticed $1.42 billion in adult-use marijuana gross sales this 12 months for these residents over the age of 21. On the medical marijuana aspect of the trade, the state noticed $260.2 million over the identical time interval.
With adult-use marijuana gross sales taxed at 6.25 %, Massachusetts noticed $88.75 million in tax income generated by means of December 18. One other $152.65 million was generated from the state’s 10.75 % excise tax. Plus, doubtlessly as much as $42.6 million might have been generated by means of 3 % native use possibility taxes.
Medical marijuana gross sales should not taxed in Massachusetts, supplied the affected person makes use of their card on the time of buy.
Since adult-use and medical marijuana gross sales started on November 5, 2018, Massachusetts has witnessed a grand total of $3.9 billion in gross sales by means of December 18. Medical marijuana gross sales within the state reached $962.3 million over the identical time interval.
July and August noticed the very best gross sales totals of adult-use marijuana at $132.5 million and $130.8 million, respectively. In October, the state noticed $127.1 million and $122.2 million in gross sales have been recorded in November. By means of the primary 18 days of December, gross sales have been recorded at $73 million.
For the week of December 12-18, $28.6 million in gross sales have been performed, with $11.195 million being spent on flower; $6.056 million on vape merchandise; and $4.393 million for uncooked pre-rolled cigarettes.
As gross sales waned barely towards the tip of the 12 months, the value of uncooked flower dropped over the course of the 12 months. In January, a gram of hashish bought for $12.64 whereas in December that worth dropped to $8.07 per gram.
In Could, Massachusetts topped the $3 billion mark in gross sales and is poised to eclipse $4 billion in gross sales within the coming weeks. Grownup-use marijuana was legalized by voters by means of a poll referendum in 2016 and gross sales started two years later, as beforehand reported by The Middle Sq..
Massachusetts had been an oasis for adult-use marijuana in New England, however Vermont and Connecticut legalized marijuana in 2021, and Rhode Island legalized it this previous summer time.