In its first year of recreational cannabis sales, the state generated $61 million in total taxes on nearly $400 million in marijuana sales, according to figures released Wednesday by state agencies. But state officials say the work to build the industry is just getting started.
The figures from the Department of Revenue and the Cannabis Control Commission show the financial impact of recreational cannabis sales, which began in two dispensaries in communities in Central and Western Massachusetts on Nov. 20, 2018.
Since that day, 33 dispensaries have opened in 32 municipalities, generating $393.7 million in total sales. In fiscal 2019 and through October in fiscal 2020, those sales have generated $19 million in sales taxes, $32.8 million in state excise taxes, and $9.1 million in local option taxes.
In an interview Wednesday, Cannabis Control Commission Chairman Steven Hoffman said the work is just beginning. “I feel proud of what we’ve accomplished and I’m pleased with how the rollout has gone to date but we are in the early stages and have a ton more work to do,” he said.
Hoffman outlined five areas on which the commission remains focused for the years ahead. [Read more at MassLive.com]