Eight months ago, the state’s sales exceeded $2 billion. During the 4/20 holiday this year, the total profit was $5,986,186 in a single day.
By Fermin Orgambide
Adult-use marijuana sales in Massachusetts have officially surpassed $3 billion, according to the state’s Cannabis Control Commission.
According to the agency, the market has reached $3,001,846,490 in sales of recreational cannabis since its legalization in December 2016. There are reported 216 cannabis retailers and 11 delivery businesses.
The Cannabis Control Commission has shown steady growth in marijuana sales, highlighting that eight months ago the state’s sales exceeded $2 billion. During the 4/20 holiday this year, the total profit was $5,986,186 in one day.
These skyrocketing sales in the cannabis market go along with general success in sales in different states. It is important to take into consideration that states with legal marijuana have collectively generated more than $3.7 billion in tax revenue, in comparison with last year.
In Arizona and Michigan, legal cannabis sales earned nearly $200 million in profit. On the other hand, Illinois is recovering from a fall in sales at the beginning of the year by reaching $132 million throughout April. Colorado has shown a downward in sales in comparison to last year.
“I’m proud our staff continues to work diligently to ensure applicants move through our licensing process efficiently,” said the director of the Cannabis Control Commission, Shawn Collins. “Marijuana establishments operate within a safe, accessible, and effective regulated market, and our work to ensure equity in the industry and the agency remains front and center.”
This article originally appeared on Benzinga and has been reposted with permission.
The Fresh Toast is a daily lifestyle platform with a side of cannabis. For more information, visit www.thefreshtoast.com.