Business
Massachusetts Recreational Marijuana Sales Are About To Cross The $4 Billion Mark
In May, Massachusetts topped the $3 billion mark in sales and is poised to eclipse $4 billion in sales in the coming weeks.
By Brent Addleman, The Center Square
Adult-use marijuana sales in Massachusetts continue to stuff state coffers with cash from tax revenue.
The Massachusetts Cannabis Control Commission reports that through December 18, the state saw $1.42 billion in adult-use marijuana sales this year for those residents over the age of 21. On the medical marijuana side of the industry, the state saw $260.2 million over the same time period.
With adult-use marijuana sales taxed at 6.25 percent, Massachusetts saw $88.75 million in tax revenue generated through December 18. Another $152.65 million was generated from the state’s 10.75 percent excise tax. Plus, potentially up to $42.6 million could have been generated through 3 percent local use option taxes.
Medical marijuana sales are not taxed in Massachusetts, provided the patient uses their card at the time of purchase.
Since adult-use and medical marijuana sales began on November 5, 2018, Massachusetts has witnessed a grand total of $3.9 billion in sales through December 18. Medical marijuana sales in the state reached $962.3 million over the same time period.
July and August saw the highest sales totals of adult-use marijuana at $132.5 million and $130.8 million, respectively. In October, the state saw $127.1 million and $122.2 million in sales were recorded in November. Through the first 18 days of December, sales were recorded at $73 million.
For the week of December 12-18, $28.6 million in sales were conducted, with $11.195 million being spent on flower; $6.056 million on vape products; and $4.393 million for raw pre-rolled cigarettes.
As sales waned slightly toward the end of the year, the price of raw flower dropped over the course of the year. In January, a gram of cannabis sold for $12.64 while in December that price dropped to $8.07 per gram.
In May, Massachusetts topped the $3 billion mark in sales and is poised to eclipse $4 billion in sales in the coming weeks. Adult-use marijuana was legalized by voters through a ballot referendum in 2016 and sales began two years later, as previously reported by The Center Square.
Massachusetts had been an oasis for adult-use marijuana in New England, but Vermont and Connecticut legalized marijuana in 2021, and Rhode Island legalized it this past summer.
This story was first published by The Center Square.
