Last week, leading up to the 4/20 celebrations, the state of Massachusetts reached a new marijuana sales milestone. Regulators announced that the state had crossed the $6 billion mark that was set when the adult-use market originally launched. Additionally, with $8.5 million in sales on the holiday itself, Massachusetts broke the state’s single-day sales record.
Officially, Massachusetts logged $6,003,985,070 in recreational marijuana purchases as of last Wednesday. That day, the cannabis control Commission (CCC) said that this is “the shortest it’s taken for Massachusetts businesses to generate another $1 billion in gross sales.” The statement reflects the fact that it was only last September when the state surpassed $5 billion in sales.
Current acting chair of the CCC, Ava Callender Concepcion, stated in a press release, “I continue to be encouraged by these sales milestones because they show that the industry is strong and efficiently regulated, both spurring economic development and critical tax revenue for the Commonwealth and providing safe, tested products for consumers and patients alike.”
She continued, “With a wave of new statutory and regulatory changes beginning to take shape in Massachusetts, I’m confident that our industry is well-positioned to continue adapting, expanding, and creating more equity-driven pathways for individuals pursuing their entrepreneurial and career aspirations.”
The most recent marijuana sales data comes only one month after regulators announced $7 billion generated by licensed medical and adult-use marijuana retailers combined. The current total is at approximately $7.3 billion in sales.
Down from a high of nearly $15 per gram of flower when cannabis retailers first opened, current market trends are coinciding with a major marijuana price drop across Massachusetts. The average price for a gram of flower in Massachusetts now sits at only about $5.
According to CCC figures, the state grew Massachusetts’s total recorded sales for 2023 to almost $1.8 billion after setting a new monthly sales record of $158.7 million in legal cannabis products this past December.
At this time, however, Massachusetts officials are still exploring ways to accurately regulate THC-infused hemp products sold in smoke shops and liquor stores. Lawmakers recently held a meeting to discuss this matter further, but there are no details available concerning the results of those talks.
Furthermore, a workforce development program that depends on federal funds recently told partners they are forbidden from using resources to assist the state’s legal marijuana industry. However, they can use the money to support services for the hemp industry since hemp is federally legal.
Other announcements earlier this month include Massachusetts officials unanimously approving the governor’s recent proposal to pardon thousands of people with misdemeanor marijuana convictions. Last month, a joint legislative committee held a hearing to debate an initiative that would legalize psychedelics. This may appear on the Monday ballot.
Last year, the governor filed a bill to create a psychedelics working group with the aim of studying and making recommendations about the potential therapeutic benefits of substances such as silybin and MDMA for military veterans.
