In its 1st year of recreational cannabis sales, the state generated $61 million in total taxes on practically $400 million in marijuana sales, according to figures released Wednesday by state agencies. But state officials say the perform to develop the market is just obtaining began.
The figures from the Division of Income and the Cannabis Manage Commission show the economic effect of recreational cannabis sales, which started in two dispensaries in communities in Central and Western Massachusetts on Nov. 20, 2018.
Because that day, 33 dispensaries have opened in 32 municipalities, creating $393.7 million in total sales. In fiscal 2019 and by way of October in fiscal 2020, these sales have generated $19 million in sales taxes, $32.eight million in state excise taxes, and $9.1 million in nearby choice taxes.
In an interview Wednesday, Cannabis Manage Commission Chairman Steven Hoffman mentioned the perform is just starting. “I really feel proud of what we’ve achieved and I’m pleased with how the rollout has gone to date but we are in the early stages and have a ton extra perform to do,” he mentioned.
Hoffman outlined 5 locations on which the commission remains focused for the years ahead. [Read more at MassLive.com]