BOSTON, Mass. (WWLP) – Excise taxes from recreational cannabis sales have passed alcohol taxes for the first time.
The statehouse reports that at the mid-point of the fiscal year, in December of 2021, the state had brought in more than $10.74-million in excise taxes on sales of Cannabis. This is in comparison to $51 million in alcohol excise taxes. That marks the first time cannabis income has outpaced alcohol income for the state.
Additionally, the state’s 10.75% excise tax only accounts for about half of the total tax revenue generated by cannabis sales in Massachusetts. There are also local taxes and a six-percent sales tax. In all those generated more than $208-million in revenue last fiscal year.