Massachusetts Brings in More than $150 Million in Cannabis Tax Money

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This also applied to cannabis taxes, and made a difference in the money brought in since then. The industry has brought in more than $150 million in tax revenue, according to an announcement from the Commonwealth Dispensary Association this past Monday detailing the money brought in from taxes so far. While some may complain about tax hikes, it’s definitely a bonus that the state has so much more tax revenue from their booming, recreational cannabis industry that has thrived since legalization in 2018. The tax rate in the state is 6.25 percent, with a 10.75 excise tax and a 3 percent local tax in most areas. Hopefully, Massachusetts will now be able to improve many of their state programs with this newfound income and keep the cannabis industry booming for years to come.

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It’s no surprise at all that adult-use cannabis in Massachusetts has boomed, but now there are numbers to support just how much it’s boomed since cannabis was first legalized in the state.

The industry has brought in more than $150 million in tax revenue, according to an announcement from the Commonwealth Dispensary Association this

Read the full article @ High Times