[ad_1]
More than $4 billion worth of cannabis products have been sold in Massachusetts since the first two cannabis retailers opened in November of 2018, the Cannabis Control Commission (CCC) announced on Friday.
The industry has blossomed to 265 cannabis retailers and 14 delivery companies in these past several years.
Wonderful Understatement, Move Over Cranberries
“This industry is rapidly growing, it’s massive, it’s not going anywhere,” Cannabis Control Commissioner Ava Concepcion recently told WBZ-TV. “We’ve surpassed cranberries as being the cash crop of Massachusetts.”
Voters legalized recreational cannabis use in 2016 but sales didn’t begin until nearly the end of 2018.
So far in 2023, there’s been over $85 million in marijuana retail sales, according to CCC data. And in 2022 alone, 71 new retailers and seven delivery companies opened in the Bay State where cannabis sales generated $1.5 billion.
“Consumers’ demand for tested, quality cannabis products remains strong since Massachusetts became the first East Coast state to open adult-use stores in 2018 and delivery service in 2021,” CCC executive director Shawn Collins said in a press release. “As new jurisdictions come online, I am confident that licensees in the Commonwealth will maintain the competitive edge by demonstrating to peers what it takes to operate a safe, effective, and equitable cannabis industry.”
Cannabis in MA is subject to a 6.25% state sales tax and 10.75% state excise tax. Cities and towns can add an additional tax of up to 3%.
[ad_2]
Image and article originally from www.benzinga.com. Read the original article here.