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Sunday, January 30, 2022

Massachusetts: More Taxes Being Garnered from Marijuana than Alcohol

Marijuana sales have only been legal in Massachusetts for four years, but taxes garnered from these sales are already outpacing taxes made from alcohol sales.

According to data released by Massachusetts officials, for the first time ever excise taxes from legal recreational marijuana sales are exceeding the excise taxes being made from alcohol sales.

There was $74.2 million in marijuana excise taxes garnered through December 2021, the first half of the current fiscal year, compared to $51.3 million in alcohol excise taxes.

Marijuana’s excise tax is set at 10.75%, plus a 6.25% state tax and a local tax of up to 3%. For the last fiscal year the state garnered $208 million in total tax revenue from marijuana sales.

Alcohol taxes in the state are set at $0.55 per gallon of wine and beer, and $4.05 per gallon of hard alcohol like tequila and bourbon.

This number “underscores the entire agency’s tireless efforts, particularly those of our hardworking staff, to thoughtfully regulate a safe, accessible, and effective adult-use marketplace that keeps critical tenets of our mission—public health, public safety, and equity, among others—front of mind,” said Commission Executive Director Shawn Collins.

The post Massachusetts: More Taxes Being Garnered from Marijuana than Alcohol appeared first on The Marijuana Herald.

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