In its very first year of recreational cannabis sales, the state generated $61 million in total taxes on almost $400 million in marijuana sales, according to figures released Wednesday by state agencies. But state officials say the perform to construct the sector is just having began.
The figures from the Division of Income and the Cannabis Handle Commission show the monetary influence 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, producing $393.7 million in total sales. In fiscal 2019 and by means 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 neighborhood selection taxes.
In an interview Wednesday, Cannabis Handle Commission Chairman Steven Hoffman stated 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 a lot more perform to do,” he stated.
Hoffman outlined 5 regions on which the commission remains focused for the years ahead. [Read more at MassLive.com]