Tax revenue from the sale of marijuana for adult use in Massachusetts keeps filling the state coffers.
According to the Massachusetts Cannabis Control Commission, the state’s legal marijuana market brought in $1.42 billion in revenue for the year as of December 18. During this time period, the medical marijuana industry brought in a total of $260.2 million to the state.
The 6.25 percent tax on recreational marijuana sales in Massachusetts brought in $88.75 million until December 18. The state excise tax of 10.75% brought in an additional $152.650 million. In addition, 3 percent local use option taxes might have brought in an additional $42.6 million.
If a patient presents their medical marijuana card at the time of purchase, the state of Massachusetts will not tax the transaction, according to a report by Marijuana Moment.
In Massachusetts, where recreational and medical marijuana sales were legalized on November 5, 2018, a total of $3.9 billion had been made by December 18. In the same time period, the state’s medical marijuana industry brought in $962.3 million.
Sales of marijuana for adults peaked at $132.5 million in July and $130.8 million in August. With October’s $127.1 million and November’s $122.2 million, the state’s economy is doing well. Revenue reached $73 million through the first 18 days of December.
Spending on flower was $11.195 million, vape products raked in $6.056 million, and raw pre-rolled cigarettes made up $4.393 million of the $28.6 million in sales that occurred between December 12 and 18.
Over the course of the year, the price of raw flower decreased as sales slowed. The price of one gram of marijuana was $12.64 in January and $8.07 in December.
Sales in Massachusetts surpassed $3 billion in May, and they are expected to break the $4 billion barrier in the next several weeks. As previously reported by The Center Square, voters legalized adult-use marijuana in a ballot referendum in 2016, and sales began in 2018.
Before Vermont and Connecticut legalized marijuana in 2021 and Rhode Island this summer, Massachusetts was the only New England state where adults may legally use the drug.