Massachusetts cannabis statistics 2022
Here are statistics obtained across the cannabis industry to highlight the future of medicinal and recreational cannabis market.
- Massachusetts Cannabis a $1.4 Billion Business Annually
- Massachusetts Cannabis Gross Sales Exceed $3 Billion
- 887 Cannabis Establishments Licensed in Massachusetts by March 28
- Massachusetts’ Curaleaf Acquired $211 Million Arizona-Based Bloom Dispensaries
- Recreational Cannabis Allowed for Over 21-Year-Old in Massachusetts
- Cannabis Retail Sales at Generated $170 Million Tax Revenue
- Marijuana MSOs Realize Sluggish Revenue in 1st Quarter
- Boston Marijuana Sales in Dispensaries like HighProfile Continue Growing in 2022-2023
- $33 Billion is Expected from Legal Marijuana Sales in 2022
1. Massachusetts Cannabis a $1.4 Billion Business Annually
The recreational cannabis industry in Massachusetts is set to expand even more in 2022, following growth in the previous year. But that is not without expected stiff competition from within and outside. There is an increase in new customers for various cannabis products. The products include salve for sore muscles and the more familiar recreational cannabis products.
Indeed, legal recreational cannabis is now a $1.4 billion worth-a-year business in Massachusetts. There are already 387 licensed retailers, with another 28 licenses pending. On the other hand, Massachusetts has some 296 cultivators and a further 225 manufacturers of cannabis products. The state Department of Agriculture indicates that Massachusetts has an annual market value of more than $475 million in farm products.
Another important indicator is that the state’s excise tax levied on cannabis is higher than collections from alcohol. As of December 2022, the excise tax for marijuana stood at $74.2 million against $51.5 million for alcohol.
2. Massachusetts Cannabis Gross Sales Exceed $3 Billion
According to Cannabis Control Commission, adult-use Marijuana establishments in Massachusetts surpassed $3 billion in gross sales. The figures are an illustration of the kind of growth expected when Massachusetts residents voted to sanction adult-use cannabis in 2016.
Marijuana establishments produced a total of $5,986,186 on April 20 alone. A record $1,331.246,109 was generated in 2021. It was the first time the Massachusetts structured marijuana industry exceeded the $1 billion mark in gross sales in a calendar year.
3. 887 Cannabis Establishments Licensed in Massachusetts by March 28
There was a total of 887 licensed marijuana establishments as of March 28. More establishments will create opportunities as a further 109 applications are pending. And the customer pool will only grow as residents learn about various forms of cannabis. For instance, Yamba Market only opened its doors recently as the first cannabis dispensary in Cambridge.
So far, the tax revenue from cannabis is way above expectations. According to Cannabis Control Commission, Massachusetts collected $112,370,000 in excise tax in 2021. The collection accounts for more than twice what was projected.
4. Massachusetts’ Curaleaf Acquired $211 Million Arizona’s Bloom Dispensaries
In 2022 we are likely to see more merger and acquisition activities. Already 2021 saw a boiling pace in cannabis merger and acquisition activity. Larger companies are under growing pressure to increase their presence and boost revenues. Several deals are already underway in 2022.
Massachusetts-based Curaleaf has acquired Bloom dispensaries of Arizona in a merger deal worth $211 million. It has seen Curaleaf adding to its impressive portfolio 13 Arizona dispensaries and 121 other dispensaries nationwide.
5. Recreational Cannabis Allowed for Over 21-Year-Old in Massachusetts
In Massachusetts, you are permitted to buy and use recreational marijuana for over 21 years. Whether you are a Massachusetts resident or not, all you need is possession of a valid government-issued ID. Nevertheless, using cannabis in public is prohibited.
Most retail stores have budtenders. So, if you don’t know how to choose cannabis, budtenders will be handy to assist you. Explain to the budtender what you seek to get from marijuana use, and you will be advised accordingly. The main purposes of marijuana use include:
- To relief pain
- Getting exuberantly high
- To help get good sleep
- Getting mellow high
6. Cannabis Retail Sales Generated $170 Million Tax Revenue
Following the legalization of Marijuana for adults, more than 80 stores opened doors by the end of October 2020. It saw sales worth more than $1 billion in Massachusetts. As a result, the state collected an estimated $170 million in tax revenue. Then the state’s social equity program in 2020 came as a boon. It led to the cannabis commission starting to issue delivery licenses to economic opportunity applicants.
Nonetheless, this abruptly halted in response to the COVID-19 pandemic. The adult-use cannabis business was ordered to shut down in March 2020. Though, the unpopular directive did not last for long, as stores were permitted to reopen for delivery in May.
7. Marijuana MSOs Realize Sluggish Revenue in 1st Quarter
The first quarter of 2022 saw most large cannabis multistate operators (MSOs) register a revenue decline. It contrasted the previous three months, thus indicating seasonal factors and inflation pressure, which restricted consumer spending. The Illinois-based Green Thumb Industries was the only large MSO to post a net profit in the 1st quarter of 2022.
Trulieve Cannabis of Florida, in the intervening time, crawled ahead of Massachusetts-based Curaleaf to claim the top spot in revenue. However, Massachusetts’ Curaleaf Holdings will reclaim its top position. It is not surprising that this will feasibly happen in the second quarter.
8. Marijuana Sales to Continue Growing in 2022
The year 2022 has seen a surge in legalized markets for marijuana. Consequently, experts in the cannabis business are envisaging unprecedented growth in sales. Legal marijuana sales already topped $19.5 billion in 2020. The projected sales are expected to reach the $30 billion mark in 2022. Massachusetts only legalized cannabis in 2016 and has seen sales grow by leaps and bounds. That only indicates the beginning; as more states legalize marijuana, more sales will occur.
Yet, the increase in demand and the rising number of different cannabis products has also increased sales. Consumers gradually appreciate the benefits of cannabis. The wide range of cannabis products provides consumers with options to choose from. Some products are in the form of edibles, tinctures, and topical ointments.
In addition, the introduction of consumption lounges will lead to more sales. The lounges allow consumers to use marijuana on-site in a safe and legal space. The consumption lounges are regulated by state laws, just like alcohol bars. Massachusetts is yet to allow consumption lounges but is among the states poised to introduce them soon.
9. $33 Billion is Expected from Legal Marijuana Sales 2022
It is largely expected that legal cannabis sales will reach $33 billion in the U.S. by the close of 2022. That will mark a whopping 32% increase compared to $25 billion in 2021. According to MJBiz, annual sales are estimated to surpass $52 billion by 2026. The surge is linked to more states increasingly opening up to the medicinal and recreational use of cannabis. Currently, the marijuana industry contributes about 520,000 jobs in the U.S.