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Marijuana slowly becoming New England’s newest cash crop

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With adult-use marijuana sales eclipsing $3 billion in Massachusetts, other New England states are now entering the recreational marijuana industry.

Voters in Massachusetts legalized marijuana in 2016 and sales began in 2018, the state’s Cannabis Control Commission said. Neighboring states witnessing Massachusetts raking in record profits are now embracing marijuana legalization.

Sales revenue in the state, according to the Marijuana Policy Project, hit $3,001,846,40, on May 14. It took just eight months after hitting $2 billion to reach the mark. The state levies a 10.75% state excise tax on top of the state’s 6.25% sales tax. Cities and towns can implement a 3% tax.

Up until the past year or so, Massachusetts has been an oasis for consumers.

Vermont became the 11th state to regulate adult-use marijuana, according to the Marijuana Policy Project, and the state’s Cannabis Control Board in June 2021 said it would create an “equitable marketplace.”

The state legalized the possession, and cultivation, of marijuana for adults age 21 and over in 2018. Gov. Phil Scott allowed Senate Bill 54, which contained regulation and taxation, to become law without his signature.

Retail marijuana sales are anticipated to begin later this year in The Green Mountain State, and will be taxed at 20%, which includes a 14% excise tax and the state’s 6% sales tax. [Read more at The Center Square]

The post Marijuana slowly becoming New England’s newest cash crop appeared first on Cannabis Business Executive – Cannabis and Marijuana industry news.

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