BOSTON (AP) — Excise taxes for marijuana bought for grownup leisure use exceeded alcohol excise taxes for the primary time in Massachusetts, reflecting rising marijuana gross sales that reached $2.54 billion, based on the Hashish Management Fee.
Massachusetts collected $74.2 million in marijuana excise tax via December 2021 — midway via the fiscal 12 months — in comparison with $51.3 million in alcohol excise taxes, WCVB-TV reported.
The excise tax of 10.75% on leisure hashish is a part of the whole tax income. 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 whole 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,” based on Vivien Azer, a senior Wall Avenue analysis analyst and managing director at Cowen who covers the rising hashish sector.
Azer stated the pandemic elevated hashish gross sales with folks on lockdown and having extra disposable earnings, however she stated consumption traits have now began to normalize.