It hasn’t even been 15 months since Massachusetts started selling legal weed. But legal dispensaries have sold more than $500 million in cannabis products, according to an analysis of data released last week by pot-focused law firm Vicente-Sederberg. As of January 29, legal weed sales have also generated more than $100 million in tax revenue, including more than $86 million for state coffers and another $15 million going to local governments.<\/p>\n
Following the passage of a voter initiative to legalize cannabis for adults in 2016, sales of recreational pot began in Massachusetts with the opening of two licensed dispensaries on November 20, 2018. Today, 40 retail licenses in 35 cities and towns have been approved, and 34 shops have opened for business. Adam Fine, managing partner of Vicente-Sederberg\u2019s Boston office, said that even in its initial stages, the Massachusetts cannabis market is already beginning to fulfill the promises of legalization.<\/p>\n
“Over the past 15 months, half a billion dollars in cannabis sales took place above board in licensed retail stores instead of in the illegal market,\u201d Fine said<\/u><\/a> in a press release. \u201cThese businesses are creating jobs in their communities, and they are generating significant new revenue for our state and local governments. The benefits will only continue to grow as more retail stores get licensed across the state.”<\/p>\n