Despite prices reaching an all-time low, there was an uptick in marijuana sales from September to October, with all-time sales passing the $7 billion mark.
In October, licensed marijuana stores in Massachusetts sold $138.8 million in recreational marijuana and $14.8 million in medical marijuana, totaling $153.6 million. Combined with $119 million in November sales through the 24th, the year-to-date total is now $1.5 billion, with an all-time total of $7.01 billion, according to data released today by the Massachusetts Cannabis Control Commission (CCC).
In October, average marijuana prices reached an all-time low of $4.78 per gram and $135.53 per ounce. Only Oregon has cheaper legal cannabis prices.
According to the CCC, there are now 709 active marijuana strains available throughout the state, five more than the previous month, and 166 more than the previous year.
Marijuana was legalized in Massachusetts in 2016, allowing individuals aged 21 and over to possess up to an ounce of marijuana and grow up to six plants for personal use. The first licensed marijuana store opened in November 2018.
Recreational marijuana purchases are subject to a 10.75% excise tax, in addition to the standard statewide sales tax of 6.25%, whereas medical marijuana sales are exempt from both taxes. The $7 billion in marijuana sales has resulted in over $1 billion in tax revenue.
Tax revenue from marijuana sales is divided between the Marijuana Regulation Fund, local municipalities, and the state’s General Fund.
According to polling released earlier this year, 79% of voters in Massachusetts believe the state’s marijuana legalization law has had positive results.
More articles from The Marijuana Herald:
