Adult-use Mass. marijuana establishments surpass $5B in gross sales
PHOTO | WBJ
Shannon O'Brien delivered the keynote address at the 2023 WBJ Cannabis Forum
Adult-use marijuana gross sales have crested $5 billion at Massachusetts establishments. Sales passed the milestone on Aug. 31, according to a Thursday press release from the state’s Cannabis Control Commission.
In January, recreational cannabis sales hit $4 billion, while total adult-use and medical sales surpassed $5 billion.
With more states in the northeast now part of the recreational sales market, some in the cannabis industry have expressed concerns that this may slow the Mass. market, and are coming up with new ways to adapt to changing pricing structures.
So far, that has not been the case, according to the CCC. The eight-month period between the $4 billion and $5 billion benchmarks was the shortest time to generate $1 billion in sales, according to the press release.
“Massachusetts continues to hit record sales even as other states have come online. In fact, our neighboring states Maine, Rhode Island, and Connecticut also had record sales this summer,” said CCC executive director Shawn Collins in the press release. “Demand for tested, quality cannabis products remains strong in the region, and consumers shopping in other states have not impacted Massachusetts’ success.”
The CCC is in a period of regulations being reexamined. That reexamination is necessary, some lab testing facilities say, as current regulations leave room for consumer safety issues.
Data to reach the $5 billion figure includes gross sales reports from 317 marijuana retailers, nine delivery couriers, eight delivery operators, and one microbusiness with a delivery endorsement, according to the press release. Since 2018, 16 marijuana establishments, 2.8% of the total, have surrendered their license to operate, had it revoked, or let it expire.
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