Massachusetts hits $24M in adult-use marijuana sales as state issues 100th license

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Recreational marijuana shops in Massachusetts have racked up nearly $24 million in sales since the initial ones opened two months ago.

That’s according to the Cannabis Control Commission (CCC), the state’s marijuana regulatory agency, which also this week issued its 100th recreational marijuana business license and moved three shops closer to opening their doors to customers, The Boston Globe reported.

To date, only eight rec MJ retailers have begun full sales, with a ninth upcoming. The CCC anticipates four to eight shops to open each month, the Globe reported.

The 100 licenses have gone to retailers as well as growers, edibles makers and testing labs.

The first retail stores in Massachusetts – and anywhere on the U.S. East Coast – began operations Nov. 20 in Northampton and Leicester.

The commission reported aggregate gross sales of $23.8 million through Jan. 20, including $3.4 million in the most recent week.

Annual recreational retail sales are expected to total $1.3 billion-$1.6 billion in a few years, according to Marijuana Business Daily estimates.

Since officials did not make forecasts for early recreational marijuana sales, so there’s no clear way to measure whether stores are exceeding or falling below expectations.

– Associated Press and Marijuana Business Daily