WITH POT SALES UNDERWAY, STATE BANKING ON WAVE OF NEW TAX $$$
By Colin A. Young
STATE HOUSE NEWS SERVICE
STATE HOUSE, BOSTON, DEC. 5, 2018......State revenue officials are still forecasting that Massachusetts will take in between $44 million and $82 million in marijuana taxes this fiscal year and could bring in as much as $172 million in fiscal year 2020, Revenue Commissioner Christopher Harding told lawmakers on Wednesday.
Adult-use marijuana sales had a "very robust" start, Revenue Commissioner Christopher Harding said at Wednesday's consensus revenue hearing, but he was unsure if sales will remain so strong as additional stores open. [Photo: Sam Doran/SHNS]
The Department of Revenue estimates "should be used with caution for budgeting purposes" because the nascent legal retail market has just launched and consumer trends in cannabis can be unpredictable, he told members of the Joint Ways and Means Committee during a three-hour hearing on likely revenue trends.
Already a subscriber? Login to continue reading...
Get the Rest of the Story!
State House News Service subscribers include media outlets, corporations, non-profits and law offices of every size. You may request a free 21-day trial of the News Service for your company by submitting the form below.
If you are already a subscriber and need access to SHNS, please send an email to firstname.lastname@example.org or call 617-722-2439.