Massachusetts Sets Record with $1.8 Billion in Marijuana Sales for 2023

Marijuana Sales Record: A Year in Review

Hey there, fellow cannabis enthusiasts! Today, we’re diving into the world of sales, specifically focusing on Massachusetts and its impressive journey in 2023. Buckle up because we’ve got quite the ride ahead of us, and we’re about to explore it all.

Setting the Stage

First and foremost, let’s talk numbers. Massachusetts, a state known for its stunning landscapes and rich history, had its cannabis retailers raking in a whopping $158.7 million in December 2023. That’s right, $158.7 million! But that’s not all; when we look at the entire year, the grand total of recorded sales soared to a staggering $1.8 billion.

Now, here’s the interesting part: the majority of this green windfall, over 87 percent, came from adult-use sales, accounting for nearly $1.57 billion. Medical marijuana sales weren’t far behind, clocking in at approximately $226 million.

What December Brought

December was a real game-changer. Adult-use sales in that month alone reached an astounding $140.0 million, which played a significant role in setting the monthly sales record. Even medical marijuana had a boost, hitting around $18.6 million. However, it’s worth noting that the medical marijuana market had been relatively stable or even declining over the past year, with sales fluctuating between $17 million and $20 million per month.

A Year in Review

As of the end of 2023, adult-use retailers had collectively generated more than $5.54 billion in total sales since their debut in late 2018. Meanwhile, cumulative medical marijuana receipts over the same period amounted to $1.20 billion. Quite the journey, right?

Now, let’s dive into some trends. It seems that medical marijuana sales have gradually slowed down since the introduction of legal sales to adults. This isn’t unique to Massachusetts; we’ve seen this pattern in other states as well. More eligible patients are opting to obtain their cannabis through adult-use retailers or grow it themselves.

Taxing Matters

Here’s an interesting tidbit: medical marijuana isn’t subject to state tax, while adult-use products carry a 10.75 percent excise tax in addition to the state’s 6.25 percent sales tax. And just when you thought that was it, some municipalities can add up to another 3 percent tax on top of those. So, it’s safe to say that cannabis is contributing quite a bit to the state’s coffers.

In fact, for the first time in 2022, state data showed that Massachusetts was generating more tax from marijuana than from alcohol. Quite the plot twist, don’t you think?

A Glimpse into the Future

While we’re on the subject of marijuana laws, let’s talk about psychedelics. Massachusetts is considering changes to its legislation surrounding psychedelics. Just recently, officials confirmed that had gathered enough valid signatures to force legislative consideration of a psychedelics legalization . If all goes well, this could be on the state’s 2024 ballot.

The proposed initiative would create a regulatory framework for lawful and supervised access to psychedelics at licensed facilities. It would also legalize the possession and gifting of psychedelics like psilocybin and ayahuasca, though it wouldn’t allow for commercial sales of these substances.

The legislature now has the choice to either enact this reform, propose an alternative, or decline to act. If lawmakers decide not to legalize psychedelics by May 1, activists will have until July 3 to gather at least 12,429 additional valid signatures to put the before in November 2024.

Exploring Psychedelics Further

But wait, there’s more! Governor Maura Healey has introduced legislation that includes provisions for creating a psychedelics working group. This group will and make recommendations about the potential therapeutic benefits of substances like psilocybin and MDMA, particularly for military veterans.

At the local level, a psychedelics reform group known as Bay Staters for has been making waves. They’ve successfully enacted local policies to deprioritize the enforcement of laws against psychedelics in six cities: Salem, Somerville, Cambridge, Easthampton, Northampton, Amherst, and Provincetown.

Legislative Moves

Now, let’s our focus back to the Massachusetts legislature. A Republican lawmaker filed three psychedelics reform bills in April, including proposals to legalize substances like psilocybin and reschedule MDMA (pending federal approval) while setting a price cap on therapeutic access.

And that’s not all; there are several other pieces of psychedelics legislation floating around in Massachusetts. Various legislators have introduced separate measures to legalize certain entheogenic substances for adults. One of these bills would authorize the Department of Public Health to conduct a comprehensive study into the potential therapeutic effects of synthetic psychedelics like MDMA.

The Final Word

So, there you have it, folks! Massachusetts has certainly made its mark in the world of cannabis sales in 2023, with a Marijuana Sales Record that’s turning heads. And as the state explores new horizons in the realm of psychedelics, who knows what exciting developments lie ahead?

We’d like to extend our thanks to Ben Adlin for providing us with these insightful updates. Stay tuned for more cannabis news, and remember to enjoy responsibly, my friends!

Q&A

**Q:** How much did Massachusetts cannabis retailers make in December 2023?

**A:** Massachusetts cannabis retailers sold a record $158.7 million worth of legal cannabis products in December 2023.

**Q:** What percentage of the total sales in 2023 was from adult-use cannabis?

**A:** More than 87 percent of the total sales in 2023, which amounted to nearly $1.57 billion, came from adult-use cannabis.

**Q:** Is medical marijuana sales in Massachusetts declining?

**A:** Yes, medical marijuana sales have been generally flat or declining over the past year, hovering between $17 million and $20 million each month.

**Q:** How much tax does adult-use cannabis in Massachusetts incur?

**A:** Adult-use cannabis products in Massachusetts incur a 10.75 percent excise tax in addition to the state’s 6.25 percent sales tax. Municipalities can add up to another 3 percent tax on top of those.

**Q:** What changes are being considered regarding psychedelics in Massachusetts?

**A:** Massachusetts is considering a psychedelics legalization initiative that would create a regulatory framework for lawful access to psychedelics at licensed facilities. It would also allow the possession and gifting of substances like psilocybin and ayahuasca.

**Q:** When could the psychedelics legalization initiative be on the ballot in Massachusetts?

**A:** If lawmakers don’t legalize psychedelics by May 1, activists will have until July 3 to gather additional signatures to put the proposal before voters in November 2024.

Rosemary Puffman
I'm Rosemary, a staunch supporter of cannabis legalization and its potential benefits. My roles as a writer, cannabis entrepreneur, and informed investor allow me to contribute to the evolving narrative around cannabis. Through my writing, I aim to destigmatize and educate, while my business ventures and strategic investments align with my belief in the positive impact of responsible cannabis use.

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