Massachusetts has sold more than $3 billion worth of legal weed since adult-use sales kicked off in 2018, according to a new report by the state Cannabis Control Commission (CCC).
The state's adult-use market has been growing exponentially since it opened for business in November 2018. It took almost two years for the industry to make its first $1 billion in sales, but it only took another ten months for pot shops to sell another billion. And eight months later, the industry has already tacked a third billion onto that all-time sales total. As of last week, the state's 216 adult-use shops and 11 delivery services have officially sold $3,001,846,490 worth of legal cannabis.
This year's record 4/20 sales helped push the state over that 3 billion dollar milestone. During this year's celebration, stoners bought nearly $6 million worth of recreational pot on one single day, $1 million more than they did the previous year. So far, the industry has already sold $523.3 million worth of product in 2022, including $27.2 million sold just last week. As usual, raw flower is the industry's most popular product, accounting for over $10 million worth of last week's sales.
“These sales figures illustrate the steady growth Massachusetts residents expected when they voted to legalize adult-use cannabis in 2016, and the Commission was appointed in 2017,” CCC Executive Director Shawn Collins said in a statement. “I’m proud our staff continue to work diligently to ensure applicants move through our licensing process efficiently, 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.”
On top of creating thousands of jobs and adding millions to the state economy, Massachusetts' legal pot industry is also bringing the state millions of dollars in extra tax revenue. The state's combined 10.75% cannabis excise tax and standard 6.25% state sales tax brought in $112.4 million on the $1.33 billion worth of adult-use pot sold last year. Tax officials have yet to report cannabis tax collections for this year, but are expecting to collect a similar amount since billion-plus sales are a given at this point.
Massachusetts' medical marijuana industry is also holding strong, although total sales only account for a tiny proportion of the state's total legal weed market. Between November 2018 and May 2022, medical cannabis providers made $810.9 million in gross sales, less than a third of the adult-use sales reported in that same time frame. This year, medical dispensaries have been selling around $22 million to $25 million a month, bringing the year-to-date total to $106 million.
Other states are seeing their medical marijuana markets shrink as their adult-use markets expand, though. In Michigan, medical cannabis sales dropped by 40% over the past year, while the adult-use market grew by 60%. This March, Arizona's medical marijuana market made less than $50 million for the first time in years, while its adult-use market sold a record $72 million worth of bud.