Cannabis has proven highly lucrative for most states with legal marijuana programs. Thanks to immense demand from the public, cannabis retailers in states such as California and Colorado have been selling billions of dollars’ worth of cannabis products to customers. State governments win big in such scenarios because they often receive hundreds of millions or even billions of dollars in cannabis taxes.
Massachusetts is one of the latest states to rake in billions in cannabis sales. Data from a recent report released by the state’s Cannabis Control Commission shows that the state collected a whopping $1.42 billion in adult use sales between Jan. 1 and Dec. 18, 2022.
A closer look at the report reveals that recreational use sales of cannabis in Massachusetts increased steadily month by month. February had the lowest sales in the year at around $110.1 million while the highest sales occurred in July ($132.4 million) and August ($130.8 million).
December also recorded low sales of only $72 million, but this is probably because the state stopped recording sales data for the year on Dec. 18, 2022. Incidentally, the last few days that weren’t recorded saw an increasing amount of sales that eventually peaked at $5.1 million on Dec. 17 before dropping down to $4 million the next day.
Cannabis flower was still the most popular product among consumers with more than $11 million of flower sold during the week leading up to Christmas. Vape-related products came in second at $6 million in sales followed by pre-rolls and edibles which both saw around $4 million in sales each.
Massachusetts’s recreational cannabis industry is relatively new. The state moved to legalize recreational cannabis sales in November 2018, and the industry has grown significantly since then. By the end of last year, Massachusetts had collected $3.9 billion in total gross cannabis sales, first reaching the billion-dollar mark in October 2020 followed by $2 billion in July 2021 and finally $3 billion last May.
Cannabis has been one of the most-used drugs in America for quite a while, and consumers have been eager to buy from recreational markets around the world, creating an industry worth billions of dollars in only a few short years.
Sales of medical cannabis sales from Jan. 1, 2022, to December 18, 2022,, hit $260.2 million, with the state experiencing a decline in medical cannabis sales toward the end of the year after a sales peak in March and April. Data from the commission also shows that medical cannabis sales in March and April reached $24.7 million and $24.4 million respectively.
Such stats for medical cannabis sales show that the public is hungry for medicinal products made from marijuana and that there is a potential market for companies looking to develop therapeutic formulations from cannabinoids such as THC, including India Globalization Capital Inc. (NYSE American: IGC),
NOTE TO INVESTORS: The latest news and updates relating to India Globalization Capital Inc. (NYSE American: IGC) are available in the company’s newsroom at https://cnw.fm/IGC
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