Possibly a technology in the past, Olivia Letters and her mates would have had drinks collectively. Now, they principally smoke pot.”In my circle — I am 30 — folks drink much less alcohol and smoke extra weed, a minimum of in Massachusetts,” she mentioned in an interview inside NETA’s Brookline hashish retailer.If there’s any doubt about weed’s recognition, simply hit the highway — billboards are seemingly in every single place promoting leisure marijuana shops. The numbers again it up, too.Since adult-use retailers opened in Massachusetts in November 2018, gross complete gross sales have now reached $2.54 billion, in accordance with knowledge from the Hashish Management Fee.Whereas tax knowledge exhibits alcohol consumption is hardly plummeting, the meteoric rise in hashish use speaks to altering attitudes about leisure alcohol and marijuana use.”I feel that persons are on the lookout for a substitute for make them really feel higher,” mentioned Mikayla Bell, neighborhood outreach supervisor for NETA, one of many largest hashish retailers within the state. “Oftentimes persons are turning to alcohol for reduction. And now they discovered one other product with with out the hangover, with out the energy.”Bell mentioned most of the people is changing into extra comfy with the concept of leisure marijuana, even when they don’t seem to be utilizing it themselves.Information obtained by 5 Investigates reveals loads of persons are consuming it. Take excise taxes, that are levied on each alcohol and marijuana.Alcohol excise taxes have elevated barely prior to now 5 fiscal years. Midway via the present fiscal 12 months, Massachusetts has collected $51.3 million up to now in alcohol excise taxes.For the primary time, marijuana excise taxes have exceeded alcohol’s. On the identical halfway level this fiscal 12 months, the state has collected $74.2 million as December 2021.The excise tax of 10.75% on leisure hashish is barely about half of the full tax income being collected for hashish. There’s additionally a 6.25% state gross sales tax, plus an area tax of as much as 3%. All of it added as much as $208 million in complete tax income final fiscal 12 months. The transition from medical to leisure use usually results in a doubling and even tripling of revenues “nearly in a single day,” in accordance with Vivien Azer, a senior Wall Road analysis analyst and managing director at Cowen who covers the rising hashish sector.Azer pointed to Colorado, which was the primary state to legalize adult-use marijuana, which has had “multi-year progress by way of hashish income technology.”Azer mentioned the pandemic elevated hashish gross sales with folks on lockdown and having extra disposable revenue, however she mentioned consumption developments have now began to normalize.Azer additionally mentioned shifting attitudes about hashish use are serving to drive progress.”Not solely is the business rising by migrating present customers out of the illicit market into the authorized market. However you are additionally participating customers which have in all probability tried the product as soon as of their lifetime, however then moved away from the class, however now have permission to reengage with the class now that it is authorized,” she mentioned.
Possibly a technology in the past, Olivia Letters and her mates would have had drinks collectively. Now, they principally smoke pot.
“In my circle — I am 30 — folks drink much less alcohol and smoke extra weed, a minimum of in Massachusetts,” she mentioned in an interview inside NETA’s Brookline hashish retailer.
If there’s any doubt about weed’s recognition, simply hit the highway — billboards are seemingly in every single place promoting leisure marijuana shops. The numbers again it up, too.
Since adult-use retailers opened in Massachusetts in November 2018, gross complete gross sales have now reached $2.54 billion, in accordance with knowledge from the Hashish Management Fee.
Whereas tax knowledge exhibits alcohol consumption is hardly plummeting, the meteoric rise in hashish use speaks to altering attitudes about leisure alcohol and marijuana use.
“I feel that persons are on the lookout for a substitute for make them really feel higher,” mentioned Mikayla Bell, neighborhood outreach supervisor for NETA, one of many largest hashish retailers within the state. “Oftentimes persons are turning to alcohol for reduction. And now they discovered one other product with with out the hangover, with out the energy.”
Bell mentioned most of the people is changing into extra comfy with the concept of leisure marijuana, even when they don’t seem to be utilizing it themselves.
Information obtained by 5 Investigates reveals loads of persons are consuming it. Take excise taxes, that are levied on each alcohol and marijuana.
Alcohol excise taxes have elevated barely prior to now 5 fiscal years. Midway via the present fiscal 12 months, Massachusetts has collected $51.3 million up to now in alcohol excise taxes.
For the primary time, marijuana excise taxes have exceeded alcohol’s. On the identical halfway level this fiscal 12 months, the state has collected $74.2 million as December 2021.
The excise tax of 10.75% on leisure hashish is barely about half of the full tax income being collected for hashish. There’s additionally a 6.25% state gross sales tax, plus an area tax of as much as 3%. All of it added as much as $208 million in complete tax income final fiscal 12 months.
The transition from medical to leisure use usually results in a doubling and even tripling of revenues “nearly in a single day,” in accordance with Vivien Azer, a senior Wall Road analysis analyst and managing director at Cowen who covers the rising hashish sector.
Azer pointed to Colorado, which was the primary state to legalize adult-use marijuana, which has had “multi-year progress by way of hashish income technology.”
Azer mentioned the pandemic elevated hashish gross sales with folks on lockdown and having extra disposable revenue, however she mentioned consumption developments have now began to normalize.
Azer additionally mentioned shifting attitudes about hashish use are serving to drive progress.
“Not solely is the business rising by migrating present customers out of the illicit market into the authorized market. However you are additionally participating customers which have in all probability tried the product as soon as of their lifetime, however then moved away from the class, however now have permission to reengage with the class now that it is authorized,” she mentioned.
