Massachusetts has only allowed recreational marijuana sales for two weeks, but the numbers are staggering
The first two recreational marijuana stores in Massachusetts only opened on November 20, which means they have been operational for just about two weeks. Despite the fact that these – Cultivate in Leicester and Northampton’s New England Treatment Access – are still the only two stores to be approved for the activity, they have produced a serious amount of business. According to the latest report by the state’s Cannabis Control Commission (CCC), $2.6 million in recreational marijuana sales was recorded in the most recent week.
This is slightly higher than the $2.2 million that was recorded during the first week of operations and many are hoping the upward trend continues. The CCC reported that, in the second week, 65,196 units were sold and that they had an average price of $39.68. The best day so far for the industry was November 23, which just happened to be Black Friday, which saw almost $480,000 in sales.
A third store is expected to be added to the landscape in the near future. A company in Wareham, which is close to Cape Cod, has now been issued its final license and is preparing the last steps before opening its doors. A fourth, in Boston, could come sometime early next year.
One question that still remains is how Massachusetts plans on utilizing the revenue it receives from recreational marijuana sales. There is a sales tax of 6.25% and an additional excise tax of 10.75% already in place, but how it will be used is not completely known. The excise tax has been earmarked to allow the CCC to operate, but the sales tax is now only listed as being directed to a “general state fund” without more details being offered.