Specifically 1 year ago, men and women in Massachusetts spent additional than $440,000 at the state’s 1st two recreational marijuana on their opening day of sales.
And because then, the total quantity has only continued to soar.
The Cannabis Handle Commission reported Wednesday that shoppers spent a total $393.7 million on marijuana solutions more than the final year, as the quantity of retailers in the state grew from two to 33. The haul represents an typical of properly more than $1 million in statewide adult-use marijuana sales per day in what CCC Chairman Steve Hoffman characterized as an “extremely smooth” sector rollout (even if there have been a handful of hiccups).
“Hundreds of millions of dollars in sales are 1 measure of results, but I am even prouder of the way in which Marijuana Establishments have worked with the Commission to achieve and preserve compliance with our regulations and patrons continue to inform themselves about the law and their responsibilities when they check out Massachusetts retailers,” Hoffman stated in a statement.
According to the CCC’s weekly tracking information, sales have surpassed $two million on some days across Massachusetts, the only state on the East Coast with recreational marijuana dispensaries. The typical quantity spent per buy has hovered just beneath $40.
The $393.7 million 1st-year total also indicates tens of millions in new income for the state of Massachusetts, which imposes as 17 % tax on marijuana sales.
Initial marijuana tax income reports have come in much less than preceding projections, because the 1st dispensaries didn’t open till final November, months later than initially anticipated. Even so, the $393.7 million suggests almost $67 million in state tax income, which is additional than the $63 million state officials had forecasted for the 1st year if retailers had opened in July 2018.
Town and cities can also gather a three % tax on marijuana sales, which means up to $11.eight million in municipal income more than the previous year.
Of course, there are several additional dispensaries coming down the line. The CCC stated Wednesday that an additional 54 retailers have received provisional or final licenses and are in the method of finishing final inspection and compliance procedures ahead of opening.