State revenue from pot sales to go towards education, infrastructure, public safety

Massachusetts

Sales of cannabis continue to be strong more than two weeks after the state opened its first two commercial marijuana shop.

State officials are saying marijuana sales are off to a very robust start, which means Massachusetts is taking in a lot of money in tax revenue.

During a budget hearing on Wednesday, state revenue officials said that Massachusetts will take in between $44 million and $82 million in marijuana taxes by next June.

In the first 12 days of operation, the two retail marijuana shops generated more than $4 million in gross sales.

Currently, cannabis is taxed by the state at 17 percent.

Revenue officials are looking ahead at the growth of the industry and predicting that the state could generate as $172 million in marijuana tax revenue by 2020.

This money would go back to the community through education programs, infrastructure funding, and public safety initiatives.  

Revenue commissioner said he’s not sure if sales will remain as strong as they are currently, but he is optimistic about the future of the states marijuana industry.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Only on WWLP.com | Digital First

More Digital First

State Police Overtime Scandal

More State Police Overtime Investigation
LIVE NOW /
22News Morning Newscast

Trending Stories

Donate Today