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420 with CNW — State Data Shows Massachusetts Adult-Use Cannabis Sales Have Reached $4B

Authorities in Massachusetts have reported that adult-use cannabis sales in the state have officially exceeded $4 billion since legalization in 2018. Cannabis Control Commission data shows that the state’s gross marijuana sales stood at $4,000,732,607 as of Jan. 12, 2023. This comes a few months after the state reached the $3 billion milestone, indicating continued industry growth.

Currently, Massachusetts has 14 delivery services and 265 retailers. Authorities track and share sales data via the CCC’s Open Data portal. Last year, the state reported$1,483,898,511 worth of cannabis sales.

Separate data from that portal indicates that medical cannabis sales, which are currently valued at $975.4 million, are expected to hit $1 billion between November 2018 and January 2023. While recreational cannabis sales began more recently than medical cannabis sales, regulators track both programs on the platform.

Since the state became the first one on the East Coast to open adult-use stores, the demand from consumers for tested, high-quality cannabis products has remained strong, according to CCC executive director Shawn Collin.

The regulators reaffirmed their dedication to advancing equity around the industry by noting the existence of 29 SEP license holders, 17 Economic Empowerment license holders, and 50 state-certified minority businesses, including women and veterans.

The CCC is also gearing up to start the Social Equity Program‘s fourth cohort this year. The cohort is a free statewide program that offers assistance and training to those who have been indirectly hurt by cannabis enforcement and prohibition and want to work in the legal marijuana industry. The commission claims that the program has benefited close to 900 participants so far. The data also revealed that, for the first time, cannabis sales outpaced alcohol sales in terms of tax revenue for the state last year.

In the meantime, recent state data shows that Michigan marijuana sales reached an all-time high in December. Despite the gradual decline in medical cannabis purchases, the recreational cannabis market has more than made up for it, with total sales reaching $221.7 million by the end of last year.

Similar patterns have been observed in Arizona’s cannabis market, where authorities recently reported that marijuana sales hit an all-time high in October. While purchases of medical cannabis are declining in the state, the adult-use market is growing.

In Illinois, cannabis sales reached an all-time high of more than $1.5 billion last year, with December of last year marking the highest monthly sales volume to date.

These impressive sales records, in a way, suggest that ancillary companies such as Advanced Container Technologies Inc. (OTC: ACTX), which don’t directly touch the marijuana plant, are also benefiting from the success of the industry.

NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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