Here’s where marijuana tax revenue has gone in Massachusetts
Marijuana Industry NewsMassachusettsRecreational Marijuana August 19, 2020 MJ Shareholders 0
As fiscal 2020 drew to a close in June, Massachusetts marked a milestone: $122 million in tax revenue had been collected in the first two fiscal years of recreational cannabis sales.
Where has that money gone? According to a Business Journal analysis of state data, the money has supported a variety of state and local needs, from town operations to the MBTA.
The funds come from a 20% tax on recreational cannabis, implemented on all non-medical sales since the first recreational stores opened in November 2019. The tax includes a 6.25% sales tax, a 10.75% excise tax, and local option tax for cities and towns up to 3%.
Here’s a breakdown of how much in cannabis taxes has been recorded , and how that money so far has been spent.
Sales taxes: $38.16 million
Sales tax funding totaled $8.11 million in fiscal 2019 and $30.05 million in fiscal 2020, according to comptroller data released by the state. According to the Department of Revenue, sales tax from marijuana, along with regular sales tax revenue, is deposited into the state’s General Fund as well as the MBTA and School Building Authority funds. [Read more at MassLive.com]
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