Here’s how much money people in Massachusetts spent on (legal) marijuana in the first year of sales
The first adult-use dispensaries on the East Coast have raked in nearly $400 million in sales.
Exactly one year ago, people in Massachusetts spent more than $440,000 at the state’s first two recreational marijuana on their opening day of sales.
And since then, the total amount has only continued to soar.
The Cannabis Control Commission reported Wednesday that customers spent a total $393.7 million on marijuana products over the last year, as the number of retailers in the state grew from two to 33. The haul represents an average of well over $1 million in statewide adult-use marijuana sales per day in what CCC Chairman Steve Hoffman characterized as an “extremely smooth” industry rollout (even if there have been a few hiccups).
“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,” Hoffman said in a statement.
According to the CCC’s weekly tracking data, sales have surpassed $2 million on some days across Massachusetts, the only state on the East Coast with recreational marijuana dispensaries. The average amount spent per purchase has hovered just below $40.
The $393.7 million first-year total also indicates tens of millions in new revenue for the state of Massachusetts, which imposes as 17 percent tax on marijuana sales.
Initial marijuana tax revenue reports have come in less than previous projections, since the first dispensaries didn’t open until last November, months later than originally anticipated. However, the $393.7 million suggests nearly $67 million in state tax revenue, which is more than the $63 million state officials had forecasted for the first year if stores had opened in July 2018.
Town and cities can also collect a 3 percent tax on marijuana sales, meaning up to $11.8 million in municipal revenue over the past year.
Of course, there are many more dispensaries coming down the line. The CCC said Wednesday that an additional 54 retailers have received provisional or final licenses and are in the process of completing final inspection and compliance procedures ahead of opening.
Provisional licenses issued to marijuana retailers by county, as of Nov. 20.
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