Mass. generated $150M+ in cannabis tax revenue since legalization
Photo | WBJ File
Massachusetts voters approved a ballot initiative to legalize cannabis for adult use in 2016.
The Massachusetts adult-use cannabis industry has now brought in more than $150 million in tax revenue, the Commonwealth Dispensary Association said in a Monday announcement which pointed to public data regularly updated by the state Cannabis Control Commission.
According to CCC, the state has logged more than $785 million in gross cannabis sales since adult-use retail was legalized in November 2018. Pointing to the tax rates, which include the standard 6.25% tax rate, a 10.75% excise tax and as much as a 3% local tax, CDA determined Mass. has officially passed the $150 million tax revenue mark.
“This tax revenue milestone is a big moment for the Massachusetts cannabis business community because it shows not only the great demand for safe, regulated cannabis but also affirms the meaningful value this industry brings to cities and towns every single day,” said CDA President David Torrisi, in a statement.
CDA reports the adult-use industry brought in nearly $30 million in tax revenue between Memorial Day, when the non-essential business shutdown was lifted, and Aug. 4.
The non-essential business shutdown temporarily shuttered adult-use retail cannabis operations.
“We know the hardship that COVID-19 has imposed on local and state budgets, and we are proud to help provide steady revenue streams that can hopefully reduce the need for difficult choices and maintain services,” Torrisi said. “Although this nascent industry is still being built up and representation continues to be a work in progress, we’re extremely encouraged that its benefit to Massachusetts has been immediate and can support the Commonwealth in this time of need.”
WBJ Web Partners
Most Recent
Most Recent
0 Comments