Marijuana business still booming 1 year after 1st pot shop openedPosted by On

CUSTOMERS HERE IN MASSACHUSETTS. [CHEERING] TODD: THIS WAS THE SCENE ONE YEAR AGO TODAY, WHEN THE ERA OF LEGAL RECREATIONAL MARIJUANA WAS USHERED HERE IN MASSACHUSETTS. IN THE YEAR SINCE, MUCH HAS CHANGED. TRAFFIC HERE IN LEICESTER IS MUCH MORE MANAGEABLE NOW, HAS COMPETITORS — AS COMPETITORS HAVE OPENED UP ELSEWHERE. THE CCC SAYS THERE ARE NOW 33 RETAIL LOCATIONS AROUND THE STATE, GENERATING $364 MILLION IN REVENUE OVER THE PAST 12 MONTHS. >> THE NUMBER OF PEOPLE THAT WE’VE SEEN IN THIS FACILITY, IN THE SMALL TOWN OF LEICESTER, HAS FAR EXCEEDED WHAT WE COULD HAVE EVER IMAGINED. TODD: AT CULTIVATE, SALES ARE STILL BRISK. >> ON AVERAGE, WE SEE AROUND 600 PEOPLE A DAY. TODD: BUSINESS IS SO STRONG, THAT PRESIDENT SAM BARBER SAYS DEMAND OFTEN EXCEEDS SUPPLY. >> THE SHORTAGES ARE CONTINUING TO GET WORSE. AND IT IS WHY WE’RE WORKING SO HARD TO OPEN UP ANOTHER CULTIVATION. TODD: CULTIVATE IS ADDING TO ITS GROW OPERATION, ADDING MORE PARKING, AND BUILDING TWO MORE RETAIL LOCATIONS IN OTHER COMMUNITIES. STATEWIDE, INDUSTRYWIDE, SAM BARBER PREDICTS A LOT MORE GROWTH, AS RECREATIONAL MARIJUANA ENTERS ITS SECOND YEAR IN MASSACHUSETTS. >> WE ARE, YOU KNOW, VERY EARLY. THERE IS SO MUCH GROWTH LEFT, AND I THINK THIS IS THE BEST STATE TO BE IN. TODD: OVER THE PAST YEAR, SALES HAVE GENERATED NEARLY $62 MILLION IN TAX REVENUE FOR THE STATE, AND UP TO $11 MILLION IN LOCAL TAXES.

Marijuana business still booming in Mass. one year after first pot shop opened

Stores have grossed $348 million this year, officials say

On Nov. 20, 2018, the first recreational marijuana stores in Massachusetts opened for business, more than two years after voters approved the creation of the industry.>> Download the FREE WMUR appThe first two stores in the state were also the first to open on the East Coast of the U.S. and long lines gathered outside the stores prior to the start of business at 8 a.m.One year later, 33 adult-use marijuana retailers are operating in Massachusetts, according to records from the Cannabis Control Commission. Those stores have made more than $364 million in gross sales, including $348 million during this calendar year, according to the latest data available from the CCC.Marijuana sales are taxed at a rate of 17% to 20%. That includes 6.25% state sales tax, 10.75% state excise tax and up to 3% local taxes.When state officials assembled the budget for the 2019 fiscal year, they estimated $63 million in marijuana tax revenues. The CCC’s data website does not specify actual tax revenue, but 17% of $348 million would result in approximately $59 million in taxes. The state agency’s records also indicate 45 related businesses are in operation, including cultivators, manufacturers and independent testing laboratories. In addition to Massachusetts, border states Vermont and Maine have moved to legalize recreational marijuana. Marijuana use for recreational purposes is also legal in Canada. A bill to legalize recreational use of marijuana in New Hampshire passed the New Hampshire House in April, but the Senate voted in May to delay consideration of the bill until December or early 2020. Even if the Senate passes the bill, Gov. Chris Sununu has promised to veto it.

On Nov. 20, 2018, the first recreational marijuana stores in Massachusetts opened for business, more than two years after voters approved the creation of the industry.

>> Download the FREE WMUR app

The first two stores in the state were also the first to open on the East Coast of the U.S. and long lines gathered outside the stores prior to the start of business at 8 a.m.

One year later, 33 adult-use marijuana retailers are operating in Massachusetts, according to records from the Cannabis Control Commission. Those stores have made more than $364 million in gross sales, including $348 million during this calendar year, according to the latest data available from the CCC.

Marijuana sales are taxed at a rate of 17% to 20%. That includes 6.25% state sales tax, 10.75% state excise tax and up to 3% local taxes.

When state officials assembled the budget for the 2019 fiscal year, they estimated $63 million in marijuana tax revenues. The CCC’s data website does not specify actual tax revenue, but 17% of $348 million would result in approximately $59 million in taxes.

The state agency’s records also indicate 45 related businesses are in operation, including cultivators, manufacturers and independent testing laboratories.

In addition to Massachusetts, border states Vermont and Maine have moved to legalize recreational marijuana. Marijuana use for recreational purposes is also legal in Canada.

A bill to legalize recreational use of marijuana in New Hampshire passed the New Hampshire House in April, but the Senate voted in May to delay consideration of the bill until December or early 2020. Even if the Senate passes the bill, Gov. Chris Sununu has promised to veto it.

Original Author Link click here to read complete story.. (c)2018 Business Wire, Inc., All rights reserved.

Business

$364 million in revenue across state1stanniversary of first pot shop openingBoomingbusinesscannabis control commissioncultivateLeicestermarijuanamarijuana businessMassachusettsopenedpotShopyear

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.