Since December 1, 2019, the fledgling adult-use industry has accounted for nearly a half-billion dollars in sales, and based on the most recent figures that show weekly sales near or exceeding $13 million, the industry is closing on projected annual sales in excess of $1 billion over the next year.
“The MRA successfully implemented the regulatory program for commercial adult-use marijuana leading to benefits for the industry, consumers and the citizens of the state,” Marijuana Regulatory Agency Director Andrew Brisbo said. “Over 450 licenses have been issued leading to over $450 million in sales, generating nearly $74 million in tax revenue.
“As the MRA continues its focus on equity, diversity, and inclusion, the next year will continue to provide opportunities for many businesses in the state to offer the safest possible access to marijuana for consumers.”
Business owners are overwhelmingly happy to be part of the thriving market, despite the volatility that has marked the first year of operation. As if launching an entirely new regulated industry wasn’t complicated enough, businesses were forced to deal with lockdowns and business limitations resulting from the coronavirus pandemic.
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