Massachusetts’s Legal Cannabis Market Now Above $3 Billion

Massachusetts’s Legal Cannabis Market Now Above $3 Billion

Massachusetts started letting retail stores sell recreational cannabis products to adults in 2018. Over the last few years, the state has built a successful industry that recently celebrated more than $3 billion in sales.

Cannabis Sales in Massachusetts

The Cannabis Control Commission (CCC) uses a seed-to-sale system to track all transactions. It even has an Open Data Platform that lets anyone browse or download datasets. The approach makes it relatively easy for Massachusetts to calculate the financial benefits of cannabis legalization.

CCC announced the achievement on May 18, 2022, via its official Twitter account.

Records show that retailers in the state sold over $5.9 million of cannabis and cannabis products on April 20, an official holiday for marijuana enthusiasts.

In 2021, Massachusetts cannabis stores sold more than $1 billion within a single year, a first for the state.

More States Celebrate Milestones

Massachusetts isn’t the only state celebrating financial milestones since legalizing recreational cannabis sales.

In April, Illinois stores sold $132 million in legal, adult-use cannabis products, setting a new record for monthly sales in the state. Arizona achieved a similar record in March. In April, Michigan had its highest per-month gross sales (almost $200 million).

States legalize recreational cannabis for various reasons. Not surprisingly, many governments point to the benefits of collecting cannabis sales taxes. According to the Marijuana Policy Project, states with legal, adult-use cannabis generated more than $3.7 billion in taxes, a 34% increase from 2020. States have collected about $11.2 billion in taxes since Colorado and Washington started allowing adult-use sales in 2014.

June 7, 2022Comments Off

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