skip to Main Content
Here’s where marijuana tax revenue has gone in Massachusetts

As fiscal 2020 drew to a close in June, Massachusetts marked a milestone: $122 million in tax revenue had been collected in the first two fiscal years of recreational cannabis sales.

Where has that money gone? According to a Business Journal analysis of state data, the money has supported a variety of state and local needs, from town operations to the MBTA.

The funds come from a 20% tax on recreational cannabis, implemented on all non-medical sales since the first recreational stores opened in November 2019. The tax includes a 6.25% sales tax, a 10.75% excise tax, and local option tax for cities and towns up to 3%.

Here’s a breakdown of how much in cannabis taxes has been recorded , and how that money so far has been spent.

Sales taxes: $38.16 million

Sales tax funding totaled $8.11 million in fiscal 2019 and $30.05 million in fiscal 2020, according to comptroller data released by the state. According to the Department of Revenue, sales tax from marijuana, along with regular sales tax revenue, is deposited into the state’s General Fund as well as the MBTA and School Building Authority funds. [Read more at MassLive.com]

This Post Has 0 Comments

Leave a Reply

Your email address will not be published.

Recent Stories

Missouri governor will not grant mass pardons for marijuana offenses after Biden request

Missouri’s governor will not grant a blanket pardon to those convicted on minor marijuana offenses after President Joe Biden pardoned federal convictions and urged governors to do the same at the state…

Industry Reacts to President Biden’s Announcement (UPDATED)

Updated at 5:40pm ET Immediately following yesterday’s unanticipated announcement by President Biden, members of the cannabis industry began issuing statements applauding the three steps initiated by the president, with all…

Home Grow Arrests: Consequences of Virginia’s Half in Half out Cannabis Laws

In 2021, Virginia legalized possession of cannabis for adults over the age of 21. In their infinite wisdom they also legalized home cultivation for up to four plants per household but…

Biden pardons marijuana offenses, calls for review of federal law

The president will also be urging governors to do the same for cases regarding state offenses of civil possession of marijuana. President Joe Biden on Thursday granted a pardon to…

More Categories

Back To Top
×Close search
Search