The Massachusetts Cannabis Control Commission (CCC) Rakes in $1.8 Billion in Cannabis Sales in 2023
Hold onto your fedoras, hipsters, because the Massachusetts Cannabis Control Commission (CCC) just dropped some major news. Brace yourselves, because the state has collected a whopping $1.8 billion in cannabis sales during the year 2023. That’s right, you heard it here first.
The CCC recently shared that this figure includes both recreational cannabis sales, totaling $1.56 billion, and medical cannabis sales, coming in at $225 million. This is a significant increase from the total sales in 2022, which were $1.49 billion (with $1.42 billion for adult-use sales and $260.2 million for medical cannabis sales).
But wait, there’s more. According to CCC acting chair Ava Concepcion, this growth is a clear indication that the regulated marijuana industry in Massachusetts is still maturing. In a press release, she stated, “As more retailers and delivery licensees come online, flower prices start to stabilize, and the stigma surrounding cannabis slowly dissipates—legal, tested products are becoming more accessible, affordable, and approachable than ever before, and that’s reflected in the multiple sales records licensees broke in 2023.”
December 2023: A Record-Breaking Month for Cannabis Sales
December 2023 was a month for the books, my fellow hipsters. It saw the highest amount of sales collected for a single month at $140.1 million, surpassing the previous record set in August 2023. And let’s not forget, the adult-use cannabis industry in Massachusetts was only approved by voters in November 2016, with sales beginning in November 2018.
But here’s where it gets really interesting. The cost of cannabis flower has significantly decreased over time, with the CCC reporting that the average ounce went from $14.13 in December 2020 to a mere $5.66 per ounce in December 2023. Talk about a bargain.
Massachusetts’s Adult-Use Cannabis Industry Hits Major Milestones
Since its launch in December 2018, the adult-use cannabis industry in Massachusetts has been on a roll. It hit $1 billion in sales in October 2020, $2 billion in August 2021, $3 billion in April 2022, $4 billion in December 2022, and $5 billion in August 2023. That’s some serious green, my friends.
But let’s not forget about our neighbors to the north. Ever since Michigan joined the adult-use cannabis game in December 2019, it has quickly become one of the fastest growing cannabis industries. And the numbers don’t lie. The Michigan Cannabis Regulatory Agency (CRA) recently announced that the state collected a total of $3.06 billion in combined adult-use and medical cannabis sales in 2023, a major increase from the $2.3 billion collected in 2022.
CRA executive director Brian Hanna attributes this success to a few factors, including cannabis tourism. In an interview with WGVU Public Media, he stated, “We are a state that has an adult use program surrounded by states that don’t.” And based on the $3.06 billion in sales, that would equate to $305 per capita, or an average amount per person.
Michigan’s Cannabis Industry: Not Just Sales, But Jobs Too
But it’s not just about the sales, my fellow hipsters. Hanna also shared with Crain’s Detroit that there has been a significant increase in job opportunities in the Michigan cannabis industry. As we head into 2024, the CRA is focused on transparency and communication, working with stakeholders to continue supporting the industry’s growth.
So there you have it, folks. The Massachusetts and Michigan cannabis industries are thriving, and it’s only the beginning. Keep your eyes peeled for more updates on the ever-evolving world of legal cannabis. Stay cool, stay hip, and stay woke.
