Thursday, May 30, 2024

Massachusetts Reaches $5 Billion Milestone in Marijuana Sales

Share

On September 8th, according to the American news website Marijuana Moment, the state of Massachusetts in the United States has achieved a significant milestone in marijuana sales, with total sales reaching $5 billion. At the same time, the state has also set consecutive monthly sales records.

The Cannabis Control Commission (CCC) in Massachusetts, United States, has announced that retail sales of adult-use marijuana have exceeded $5 billion since the state’s recreational marijuana market launched five years ago.

After setting a record-breaking marijuana sales figure for three consecutive months from June to August, the total purchase amount in that state has now reached $5.02 billion. In August alone, sales reached $139.3 million, bringing the total sales for the first eight months of this year to $1.05 billion.

Since 2018, medical marijuana clinics have generated over $1.13 billion in sales, not only for recreational purposes but also for patients and caregivers.

In a press release, Shawn Collins, Executive Director of the CCC, stated,”Despite other states already starting to sell recreational marijuana, Massachusetts has still achieved record-breaking sales. In fact, our neighboring states of Maine, Rhode Island, and Connecticut have also seen record-breaking sales this summer.”

Massachusetts reached a milestone in January this year, surpassing $4 billion in adult-use marijuana sales. In a remarkable feat, the state managed to add an additional $1 billion to this figure within a mere eight months, earning accolades for achieving the fastest ever $1 billion sales growth.

New state data from Massachusetts reveals that tax revenue generated from marijuana surpassed that of alcohol for the first time last year.

These record-breaking sales figures are particularly noteworthy as the recreational marijuana market is gradually emerging and expanding in nearby states such as Connecticut, Maryland, New York, and Rhode Island. This could potentially diminish purchases from out-of-state visitors.

 

Subscribe
Notify of
guest

0 Comments
Inline Feedbacks
View all comments

Read more

Search more

Latest News