Massachusetts Cannabis Industry Collecting Approximately $1 Million in Revenue Per Day

One year into legal cannabis sales in Massachusetts, consumers have spent an average of more than $1 million per day on cannabis products.

The Cannabis Control Commission (CCC) said the state has generated $393.7 million in gross revenue since the first two recreational dispensaries opened their doors November 20, 2018. The first two dispensaries in the state hit $7 million in sales in the first month of legal recreational sales in the state. Since then, 31 more licensed dispensaries have opened for business. There are 54 more retailers waiting for approval from the CCC, which said there are 227 licensed cannabis businesses so far, including 71 licensed growers.

“Hundreds of millions of dollars in sales are one measure of success, but I am even prouder of the way in which Marijuana Establishments have worked with the Commission to gain and preserve compliance with our regulations and patrons continue to inform themselves about the law and their responsibilities when they visit Massachusetts stores,” CCC Chairman Steven Hoffman said.

The rollout for Massachusetts’ cannabis industry hasn’t been entirely perfect. One dispensary had to turn away non-medical customers due to running out of product and another has to deal with a shortage of cannabis flower. In September, Governor Charlie Baker order a four-month ban on vape products amid the growing concern of the health effects caused by vaping products.

Initial cannabis tax revenue reports have come in less than projections because of the late openings of the first dispensaries, but the nearly $394 million in sales suggests nearly $67 million in tax revenue, $4 million more than what state officials originally projected if the first dispensaries opened in July 2018. Town and cities also collect a three percent tax, adding up to nearly $12 million in municipal revenue from the first year of sales.

Facebook Comments

Related Articles

SUBSCRIBE TO OUR NEWSLETTER
To stay updated on cannabis news, subscribe to CULTURE’s daily newsletter!
Cool Stuff
Entertainment Reviews