The $ 2 Billion Club – Massachusetts adult cannabis sales soar to over $ 2 billion

The Massachusetts cannabis industry meets and exceeds the expectations of seasoned market analysts. The state recently announced that the industry had passed the $ 2 billion mark.

Massachusetts Cannabis Commission (CCC) executive director Shawn Collins announced last Wednesday that licensed pharmacies in the state have had gross sales of $ 2,009,478 since the industry was founded in 2018.

The commission uses Metrc to keep track of all seed-to-sale data recorded by registered pharmacies in the state.

Recreational cannabis sales in Massachusetts

Massachusetts was the first east coast state to approve adult stores.

The state’s residents voted to permit recreational cannabis sales four years ago. The first license sale began in November 2018.

In the first year there were only 33 adult retailers, I’m the second, that number grew to 91.

Currently, the total number of cannabis retailers in the state is more than 160, and there are three delivery companies licensed to operate in the state’s cannabis industry.

The industry has more than 16,000 active employees. Employees must be registered with the CCC. The agency announced that the industrial worker was 35% women and 65% men as of August 2021.

The majority of employees at 73% are white, only 7% of the total workforce are Hispanic, Spanish, or Latins, and 6% are Black or African American.

Way to $ 2 billion

In its first year of leisure sales from November 2018 through November 2019, the industry had gross revenue of less than $ 400 million. During 2019, the state cannabis commission announced that the licenses totaled approximately $ 445 million.

The first billion was posted on November 3, 2020, two years after the first retail sales started. This was achieved despite the fact that the industry was closed for almost two months at the start of the mandatory lockdown due to the COVID-19 pandemic.

Governor Charlie Baker said the shutdown was because adult pharmacies were not classified as essential businesses. He ordered that the pharmacies be allowed to reopen in May.

The second billion was recorded a few days ago. This is an important point in the cannabis industry as it happens less than ten months after the first billion was recorded.

This sale does not include sales in the medical cannabis industry or on the black market. That means licensed recreational retailers operating in Massachusetts have sold over $ 2 billion in recreational marijuana in less than three years.

As of January 1, 2021, pharmacies had record sales of over $ 844 million, which is $ 140 million more than total regulated sales in 2020. This means 2021 will already set the record for most cannabis retail sales Holds in Massachusetts in a year.

In a statement from CCC Managing Director Collins, he praised the players and workers in the industry as well as the CCC. He said the $ 2 billion mark shows how efficient the licensing process is.

He also noted that all license holders have interacted with the Commission from the application phase to the present. All registered establishments have complied with all of the strict regulations of the Commission.

Mr. Collins also mentioned that a percentage of all sales will be donated to disadvantaged communities in the Commonwealth. He added that the industry’s success demonstrates the Commission’s relentless efforts to ensure that the adult market remains safe, accessible and effective for all.

He went on to say that the success of the Commission’s hard workers kept the agency’s mission afloat. There is comprehensive public health, public safety and justice due to critical agency principles that have been maintained.

Activity of the Cannabis Control Commission (CCC) for four years

The Cannabis Control Commission celebrated its fourth anniversary last Wednesday. The agency was founded in 2017 after voters approved legislation on adult cannabis use in the November 2016 general election. This initiative made Massachusetts one of the few states to license recreational marijuana dealers in the country.

To mark the anniversary, the CCC listed the progress the Commission has made over four years. The agency added that around 160 stores have already been opened with the state, with more deals being prepared.

The agency has licensed 908 cannabis operators to grow, process, transport, retail, and supply adult cannabis in Massachusetts.

One of the agency’s accomplishments is creating a safe space for independent cannabis testing laboratories to be set up. As of the date of this statement, there were five of these laboratories in the state.

Another notable achievement is that the CCC has changed some regulations to allow home delivery of cannabis products and derivatives for adults according to three unique models.

In 2020, the CCC accepted requests for marijuana couriers or deliveries; only licenses. In the future, it authorized two of these marijuana couriers to do business within the state. In addition, five more marijuana couriers have been approved to operate, ten have been granted temporary licenses, and the agency is currently reviewing applications from seven more marijuana couriers.

The agency launched a more comprehensive wholesale delivery permit in May. Around 39 registered applicants were pre-certified. Only local permits are required for these applications to start operating.

The agency announced that it has granted a delivery permit to a micro cannabis company. This means that the company is allowed to deliver its manufactured products to customers’ homes without the involvement of third parties.

Collins believes the Commonwealth has been pleased with the agency’s performance over the four years of its inception.

Bring away

The Bay State cannabis industry could very well make more than a billion dollars this year. This would generate more than $ 200 million in tax revenue for the state.

Experts’ forecasts show that the industry is forecast to experience significant growth. Further steps will be taken once the 205 pharmacies receive their preliminary or final approvals.

The state’s medical cannabis industry is also doing well, with significant sales.

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