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MARIJUANA MOMENT
MASSACHUSETTS SAW RECORD-BREAKING MARIJUANA SALES ON 4/20, PUSHING STATE ACROSS
$6 BILLION MARK FOR RECREATIONAL PURCHASES
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BUSINESS
MASSACHUSETTS SAW RECORD-BREAKING MARIJUANA SALES ON 4/20, PUSHING STATE ACROSS
$6 BILLION MARK FOR RECREATIONAL PURCHASES
Published
36 mins ago
on
April 24, 2024
By
Kyle Jaeger
Massachusetts reached a new marijuana sales milestone leading up to 4/20 last
week, with the state crossing the $6 billion mark since the adult-use market
launched, regulators announced. And the state broke a single-day sales record on
the holiday itself, with $8.5 million in sales.
As of last Wednesday, Massachusetts logged $6,003,985,070 in recreational
cannabis purchases. It was only last September that the state exceeded $5
billion in sales, meaning this is “the shortest it’s taken for Massachusetts
businesses to generate another $1 billion dollars in gross sales,” the Cannabis
Control Commission (CCC) said on Wednesday.
“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,” Ava Callender Concepcion,
acting chair of CCC, said in a press release.
Marijuana Legalization Linked To Decline In Beer Sales
Marijuana Legalization Linked To Decline In Beer Sales
A recent Canadian study suggests that the legalization of marijuana has led to a
decrease in beer sales. “Canada-wide beer sales fell by 96 hectoliters per
100,000 population immediately after non-medical cannabis legalization and by 4
hectoliters per 100,000 population each month thereafter for an average monthly
reduction of 136 hectoliters per 100,000 population post-legalization,” the
researchers from University of Manitoba, Memorial University of Newfoundland and
University of Toronto found. The researchers speculate that a substitution
effect may be occurring, with consumers increasingly choosing marijuana over
beer. Interestingly, the trend did not extend to sales of spirits. When broken
down by beer type, the study found declines in sales of canned and kegged beer
but no reduction in sales of bottled beer. “One possible explanation is that
cans may be preferred to bottle in the context of individual consumption at home
due to the increasing popularity and availability of cans as well as the better
taste and drinking experience that they offer,” the study says. Additionally,
recent data shows that Canada generated more excise tax revenue from marijuana
than wine and beer combined in the 2022-23 fiscal year. Similarly, in several
legal jurisdictions in the United States, cannabis sales have outpaced alcohol
sales. A multinational investment bank noted in a recent report that marijuana
has become a significant competitor to alcohol. It also says marijuana sales
are estimated to reach $37 billion in 2027 in the U.S. as more state markets
come online.
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“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,” she said.
The new data comes one month after regulators announced that licensed medical
and adult-use retailers had sold more than $7 billion in marijuana combined.
That total is now at about $7.3 billion.
These market trends come as the price of marijuana in Massachusetts continues to
fall—from a high of nearly $15 per gram of flower when stores first open to
almost $5 per gram this year.
This past December, the state set a new monthly sales record of $158.7 million
worth of legal cannabis products, according to CCC figures—bringing the state’s
total recorded sales for 2023 to nearly $1.8 billion.
Meanwhile, Massachusetts officials are also exploring how to regulate
THC-infused hemp products that are sold in liquor stores and smoke shops, with
lawmakers recently holding a hearing on the matter.
A workforce development program that receives federal funds also recently warned
partners that it’s restricted from using those resources to aid the state-legal
marijuana industry—though it can use the money to provide services to the hemp
industry, which is federally legal.
—
Marijuana Moment is tracking more than 1,400 cannabis, psychedelics and drug
policy bills in state legislatures and Congress this year. Patreon supporters
pledging at least $25/month get access to our interactive maps, charts and
hearing calendar so they don’t miss any developments.
Learn more about our marijuana bill tracker and become a supporter on Patreon to
get access.
—
Earlier this month, Massachusetts officials unanimously approved the governor’s
recent proposal to pardon thousands of people with misdemeanor marijuana
convictions of their records.
Also, a joint legislative committee held a hearing last month to discuss an
initiative that would legalize psychedelics that may appear on the November
ballot if lawmakers decline to independently enact it first.
The governor also filed a bill last year to create a psychedelics working
group to study and make recommendations about the potential therapeutic benefits
of substances like psilocybin and MDMA for military veterans.
> New York Marijuana Deal Put Private Investors Ahead Of Social Equity And
> Taxpayers, Investigation Finds
Photo courtesy of WeedPornDaily.
Marijuana Moment is made possible with support from readers. If you rely on our
cannabis advocacy journalism to stay informed, please consider a monthly Patreon
pledge.
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High
Kyle Jaeger
Kyle Jaeger is Marijuana Moment's Sacramento-based managing editor. His work has
also appeared in High Times, VICE and attn.
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