Here’s what’s come through this week
The Massachusetts adult-use cannabis industry has now brought in more than $150 million in tax revenue, the Commonwealth Dispensary Association said in a Monday announcement which pointed to public data regularly updated by the state Cannabis Control Commission.
According to CCC, the state has logged more than $785 million in gross cannabis sales since adult-use retail was legalized in November 2018. Pointing to the tax rates, which include the standard 6.25% tax rate, a 10.75% excise tax and as much as a 3% local tax, CDA determined Mass. has officially passed the $150 million tax revenue mark.
“This tax revenue milestone is a big moment for the Massachusetts cannabis business community because it shows not only the great demand for safe, regulated cannabis but also affirms the meaningful value this industry brings to cities and towns every single day,” said CDA President David Torrisi, in a statement.
CDA reports the adult-use industry brought in nearly $30 million in tax revenue between Memorial Day, when the non-essential business shutdown was lifted, and Aug. 4.
The non-essential business shutdown temporarily shuttered adult-use retail cannabis operations.
Colorado Sets New Monthly Cannabis Sales Record
Cannabis sales through June nearly eclipses all of 2019
Oklahoma cannabis users are on pace to spend twice as much this year compared to 2019.
As of June, Oklahomans spent more than $385 million this year on medical marijuana. That’s nearly the entire amount spent during 12 months last year, according to an analysis of data from the Oklahoma Tax Commission.
Much of that boost came during the early days of the coronavirus pandemic, when collections of the 7% tax on medical marijuana rose dramatically. Sales have leveled off, however, and dipped slightly in June to an estimated $74.8 million.
Oklahoma’s cannabis market attracted the attention of outsiders hoping to cash in on the state’s love of legal marijuana and regulations that are less strict than other states. Peter Barsoom, founder of Colorado-based 1906, recently inked a deal with local businesses to unveil his line of edibles manufactured in pill form.
Barsoom didn’t seek out Oklahoma. Stash House, a distribution company, and 24k Labs reached out to 1906 early this year during a trip to Denver, he said. Barsoom called Oklahoma one of the most exciting markets in the country, partly because of its regulatory structure.