Massachusetts’ 2 Retail Marijuana Shops Have Already Made $7 Million
Recreational marijuana sales are up and running in Massachusetts. And although there are currently only two dispensaries selling weed, the state is already seeing some impressive sales figures. In fact, in the short time that they’ve been open, the state’s two dispensaries have already pulled in a total of $7 million.
Massachusetts Dispensaries Putting Up Big Numbers
So far, the two recreational dispensaries in Massachusetts are Cultivate, in Leicester, and New England Treatment Access, located in Northampton.
The shops have only been open since November 20. That’s when the state’s recreational retail program went live. And since then, both shops have seen steady demand—and have been putting up some impressive sales figures.
According to local news sources, the shops raked in a combined $4.8 million in the first two weeks after they opened. Then, they made another $2.2 million over the last seven days or so in December.
From Dec. 3 through Dec. 9, the shops sold a combined 57,127 “units,” which include measured-out amounts of flower as well as individually sold cannabis products like edibles or topicals.
Adding it all up, the shops have so far made at least $7 million. And they haven’t even been open for a full month yet.
Obviously, these numbers arise out of a steady and consistent demand for legal weed. Additionally, they also mean that the state will start seeing a new stream of tax revenue.
Under Massachusetts law, dispensaries are taxed 6.25 percent on all sales, plus a 10.75 percent excise tax, and a three percent local tax.
Weed taxes will fund a number of projects. Most notably, these include social justice programs aimed at addressing the harms caused by the war on drugs. Specifically, these programs will go to communities that have been disproportionately harmed by past prohibition laws, especially poor communities and communities of color.
As these shops continue their high volume of sales, and as other dispensaries begin opening throughout the state, it seems likely that Massachusetts will start seeing a potentially significant boost to its tax revenue.
More Dispensaries Will Open Soon
The activity being seen at both of these shops could soon spread to other parts of the state. That’s because there is a lineup of new dispensaries getting ready to open in other locations.
Most immediately, state officials recently approved a dispensary called Alternative Therapies Group. Set to open in Salem, this shop has now been cleared to begin operations later this week.
Similarly, there are reportedly two other dispensaries that have received final approvals. However, before these shops can actually open their doors, they still need clearance from regulators. But that should presumably happen relatively quick.
In addition to these shops, all of which are on the verge of opening their doors, local news reported that the state’s regulatory commission will also be looking at a number of new applications.
In particular, the commission is set to examine three retail hopefuls during its meeting today. Those potentially new dispensaries include Northeast Alternatives Inc., which will be located in Fall River, Temescal Wellness of Massachusetts Inc., applying to open shops in Hudson and Pittsfield, and Theory Wellness Inc., which wants to open shop in Great Barrington.
Lindsey, ByNick. “Massachusetts’ 2 Retail Marijuana Shops Have Already Made $7 Million.” Green Rush Daily, 13 Dec. 2018, greenrushdaily.com/business/massachusetts-2-retail-marijuana-shops-have-already-made-7-million/.