WORCESTER, Mass. — This month, the state’s marijuana industry surpassed $6 billion in total sales for adult use cannabis since the first dispensary opened in 2018.
The figure is about $7 billion combined with medical use marijuana.
The Cannabis Control Commission said the industry created more than 22,000 jobs and revitalized a number of vacant industrial spaces into cultivation sites and dispensaries.
CCC Commissioner Kim Roy said excise and sales taxes go into the marijuana regulation fund and is used for public health and substance addiction programs, community empowerment grants, and community college’s success program.
Last year, $135 million went into the fund.
“Most recently the newest bucket is a Social Equity Trust Fund and that was all the result of years of advocacy because of the federal illegality of cannabis for folks trying to get into the industry it’s really challenging and there are a lot of headwinds, what I mean by that is there’s no banking,” said Roy. “So, this fund which comes as a result of the taxes, the sales taxes and the excise taxes, going to the marijuana regulation fund and in turn a Social Equity Trust Fund was created. Last week, over two dozen grants, some as large as $50,000, were awarded to equity applicants in the industry and that really will go a long way and will be impactful to help them.”
The CCC also reported the state’s adult-use marijuana industry set a new record-breaking single sales day on April 20 tallying $8.5 million in sales.
The industry has created more than 22,000 jobs. Read More