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Marijuana is slowly becoming New England’s newest cash crop

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(Center Square) — With adult marijuana sales exceeding $3 billion in Massachusetts, other New England states are now entering the recreational marijuana industry.

Voters in Massachusetts Legalized marijuana in 2016 and sales began in 2018The state cannabis control commission said. Neighboring states, where Massachusetts is seeing record profits, are now adopting marijuana legalization.

Sales revenue in the state, according to the Marijuana Policy Project, was $3,001,846,40 on May 14. It only took eight months after she hit $2 billion to hit the mark. The state imposes a 10.75% excise tax in addition to the state sales tax of 6.25%. Cities and towns can apply a 3% tax.

Until the last year or so, Massachusetts was an oasis for consumers.

became Vermont The 11th country to regulate adult marijuana useAccording to the Marijuana Policy Project, the state’s Cannabis Control Board said in June 2021 that it would create a “fair market.”

the state Legalization of tenure and marijuana cultivation for adults age 21 and older in 2018. Governor Phil Scott allowed the Senate to make Bill 54, which includes regulations and taxes, into law without his signature.

Retail marijuana sales are expected to begin later this year in Green Mountain State and will be taxed at 20%, which includes a 14% excise tax and 6% state sales tax.

In Connecticut, a A multi-year effort to legalize marijuana In June 2021, Democratic Governor Ned Lamont signed Senate Bill 1201. The law established taxation and regulation for the product.

According to the Marijuana Policy Project, Adults over 21 He is permitted to carry 1 ounce of the drug on his person and may keep up to 5 ounces in a van or in a safe place in his home. Legal sales were expected to begin this month, while adults will be allowed to develop their own businesses starting July 1, 2023.

Tax revenue is determined by the effectiveness of THC, which is short for tetrahydrocannabinol, at the time of sale. For raw flowers, a tax of $0.00625 per milligram THC will be charged, while food items will have a $0.0275 per milligram tax. Other products are taxed at the rate of $0.009 per milligram of THC. In addition, 6.35% state sales tax will be charged, as well as a 3% municipal tax.

Meanwhile, Rhode Island, this week, approved cannabis legalization in every house of the legislature and Planning to vote on bills Tuesday.

According to a statement, the House Finance Committee and the Senate Judiciary Committee approved Senate Bill 2430 A And House Bell 7593A. The bills decriminalize the sale and possession of up to one ounce for adults over the age of 21. No more than 10 ounces may be kept in a main residence for personal use.

The bill would set a 10% excise tax on cannabis which would be collected in addition to the 7% state sales tax. Municipalities can collect a 3% tax on sales.

Maine voters Certification approved in 2016, with retailers opening in 2020, according to the Marijuana Policy Project. Maine joined California, Massachusetts, and Nevada in the legalization process seven years ago, but was the last to start sales.

The regulatory process was adopted in April 2018, but then it was adopted by the government. Paul LePage objected to the bill. However, the legislature overridden its veto after one month.

Retail sales started in June 2021According to Leafly, a 10% excise tax has been enacted, plus a 5.5% state sales tax. Municipalities are not allowed to tax marijuana sales, and medical marijuana is not taxed.

New Hampshire remains the only remote state in New England that will ban cannabis At least the last legislative year According to the Marijuana Policy Project.

The Senate voted against Bell House 629which would have made it legal for state residents age 21 or older to own and grow small amounts of cannabis.

According to the Marijuana Policy Project, in the state of Live Free and Die, the Senate has killed bills related to legislation passed by the House. However, Republican Governor Chris Sununu signed legislation in 2017 to decriminalize possession of three-quarters of an ounce or less.

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