The licensed adult-use marijuana market in Massachusetts continues its rapid growth, posting total sales of $2.54 billion in a little more than three years.
The state’s Cannabis Control Commission posted the new figures only a few months after sales broke the $2 billion mark, according to Boston TV station WCVB.
The state reached $1 billion in recreational cannabis sales in November 2020.
So far, Massachusetts regulators have licensed more than 160 adult-use retailers, though not all of stores those have begun operations.
By the end of 2021, the state had received more than 1,300 adult-use marijuana applications, and 900-plus were approved.
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Massachusetts collected $74.2 million in marijuana excise tax through December 2021, WCVB reported.
Cannabis companies in Massachusetts pay heavy taxes – an excise tax of 10.75% and a state sales tax of 6.25% – that often total more than 20% once optional assessments are included.