According to cannabis analytics company BDS Analytics (BDSA), the Massachusetts marijuana market will reach $1.35 billion in the year 2024, driven by new store openings, increasing consumer demands and new product form factors.

The lofty estimate however comes before anyone can know what impact will be seen from the halt of adult-use operations during the coronavirus pandemic.

The analytics company stated in a press release that it projects Massachusetts’ marijuana sales to exceed $745 million in 2020, based on sales projects modeled from point-of-sale transaction records.

Data from the Cannabis Control Commission has shown that so far this year, there has been $157 million in reported marijuana sales in the state.

“Headwinds still exist including multi-layered regulatory structures and tax burdens from state and local government. Even so, the first full year of adult-use sales experienced consistent month-over-month growth. Continued growth is expected throughout the forecast period,” the company said in the release.

BDS Analytics also said it is conducting research for a July 2020 forecast update based on retail sales, government data and consumer surveys in the wake of the COVID-19 pandemic.

“Massachusetts is the largest eastern state to fully legalize cannabis, both for medicinal and recreational use,” said Roy Bingham, the co-founder and CEO of BDSA. “The successful roll-out of the legal cannabis program across one of the founding states represents a major shift in New England politics and is likely to accelerate the legalization initiatives in other major markets, including New York, as regulators and politicians grow more comfortable with the cannabis industry and face extreme budget pressure caused in part by the financial impact of COVID-19 mitigation measures.”


Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Massachusetts Cannabis Control Commission Audit Results Published
28 September 2023
Legislators in South Dakota Want to Make These Changes to Medical Marijuana Law
02 September 2021
How To Write A Press Release?
11 April 2022