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Massachusetts Cannabis Sales Top $1 Billion For Third Straight Year

Massachusetts is home to one of the largest state-level legal cannabis industries in the United States. The Boston area’s legal cannabis industry alone is larger than some states’ entire legal cannabis industry.

In mid-April, the Massachusetts legal cannabis industry passed a major milestone, surpassing the $1 billion sales mark for the third consecutive fiscal year. On April 20th, 2024 alone, legal dispensaries in Massachusetts sold $8.5 million worth of cannabis products.

“Marijuana Establishments in Massachusetts surpassed $6 billion in gross sales last week, the Cannabis Control Commission (Commission) announced on Wednesday.” the Massachusetts Cannabis Control Commission stated in a press release in April.

“Massachusetts licensees surpassed the $6 billion mark less than eight months since reaching the $5 billion mark, which makes this period the shortest it’s taken for Massachusetts businesses to generate another $1 billion dollars in gross sales. As of April 21, 618 operating Marijuana Establishments have generated $488.3 million in sales so far for calendar year 2024.” the Commission also stated.

The United States adult-use cannabis industry has generated over $20 billion in total tax revenue since the first legal recreational cannabis purchase was made in Colorado on January 1st, 2014 according to a new report by the Marijuana Policy Project.

“Through the first quarter of 2024, states have reported a combined total of more than $20 billion in tax revenue from legal, adult-use cannabis sales. In 2023 alone, legalization states generated more than $4 billion in cannabis tax revenue from adult-use sales, which is the most revenue generated by cannabis sales in a single year.” the Marijuana Policy project stated in a press release.

Total legal cannabis sales in the United States are expected to reach $31.4 billion in 2024 according to a recent analysis by Whitney Economics. Additionally, leading cannabis jobs platform Vangst, in conjunction with Whitney Economics, estimates that the legal cannabis industry now supports 440,445 full time-equivalent cannabis jobs in the United States.

Whitney Economics also projects the following legal cannabis sales figures in the United States for the coming years:

  • 2024: $31.4 billion (9.1% growth from 2023)
  • 2025: $35.2 billion (12.1% growth from 2024)
  • 2030: $67.2 billion
  • 2035: $87.0 billion

The emerging legal cannabis industry in the United States is projected to add roughly $112 billion to the nation’s economy in 2024 according to a newly released analysis by MJBiz Daily. The projection is part of the company’s 2024 MJBiz Factbook.

“The total U.S. economic impact generated by regulated marijuana sales could top $112.4 billion in 2024, about 12% more than last year,” MJBiz stated in its initial reporting.