A new analysis projects that the legal marijuana market in Massachusetts will generate $64 million in state tax revenue in its first year.
Retail marijuana sales are now slated to begin on July 1, 2018 after lawmakers pushed the date out by six months to allow for more time to establish regulations. The law, approved by 54 percent of voters last November, allows adults over the age of 21 to possess up to 1 ounce of marijuana. The current law calls for a 6.25 percent sales tax, a 3.75 percent excise tax and a potential 2 percent “local option” tax, but lawmakers are considering changing the tax rate.
