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Ever since its inception, America’s state-level cannabis industry has been a major revenue earner for both business owners and states. According to data from the Cannabis Control Commission (CCC), cannabis retailers in Massachusetts sold almost $152 million worth of recreational cannabis last month, making June the most lucrative month in terms of sales since the state launched its recreational cannabis industry in late 2018.
Cannabis is one of the fastest growing industries in the world and recent data shows that the sector hasn’t slowed down its pace despite deteriorating economic conditions globally. The industry regularly generates billions of dollars per year in cannabis sales, creating jobs for hundreds of thousands of Americans and providing states with billions of dollars in tax revenue.
CCC data shows that consumers in Massachusetts bought $132.8 million worth of recreational cannabis and $19 million worth of medical marijuana. Unsurprisingly, cannabis flower is still the most popular form of cannabis for most recreational consumers, with vapes, pre-rolls, concentrates and edibles following. And with cannabis flower prices dropping to a historic low of only $5.82 per gram in June, adult-use consumers are much more likely to purchase flower compared to costlier options like concentrates.
Several other states surrounding Massachusetts have also launched their own cannabis markets in recent years, increasing the likelihood of lower sales due to reduced levels of cannabis tourism.
Just six months after launching its own adult-use market, cannabis retailers in Connecticut sold $24 million worth of medical and recreational cannabis combined in June. Cannabis flower accounted for more than 50% of sales while vape products and edibles made up 25% and 10% of sales.
Maryland is also enjoying high cannabis sales after recently allowing recreational cannabis commerce, with consumers spending more than $10 million on cannabis products over the first weekend of sales.
Despite the increasing competition from recently launched markets, Massachusetts is still going strong. On top of selling increasing amounts of recreational cannabis, marijuana retailers in the state are also providing the state with more tax revenue than the alcohol industry.
Massachusetts received $74.2 million in tax revenue from the marijuana industry compared to $51.3 million from alcohol in the first half of 2021. Retailers in the state of Massachusetts have cumulatively sold $4.74 billion worth of recreational cannabis since November 2018.
Meanwhile. the national cannabis market is expected to grow by 34% annually to reach a valuation of $444.34 billion by the end of the decade.
As this growth materializes, plenty of ancillary enterprises such as Advanced Container Technologies Inc. (OTC: ACTX) are likely to benefit because they sell supplies that marijuana companies use in their cultivation activities.
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
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