The decision by Massachusetts voters to legalize the use of recreational marijuana has created an industry that brings with it additional tax revenue, job creation, marijuana and accessory sales, and even a new form of tourism. Recreational marijuana is expected to become a $1.17 billion industry by 2020, advocates say.
“With the new recreational marijuana legislation, there is potential for larger revenue than (generated by) cigarettes and alcohol,” said Randall Ellis, an economics professor at Boston University and former president of the American Society of Health Economists.
STATE BY STATE: Massachusetts Cannabis News
Ellis explained an important aspect of this legislation is the opportunity for “canna-tourism” to emerge, where people travel to a region or state to take advantage of legalized marijuana.
Latest from Cannabis Business Times
- USC Athletics, Cookies Announce Trailblazing CBD Partnership for College Football, Basketball Sponsorship
- Trulieve Set to Open Medical Cannabis Dispensary in Clearwater
- Kentucky’s Medical Cannabis Program Attracts 5K License Applicants
- AYR Wellness Awarded Virginia’s HSA I Vertical Cannabis License
- Navigating the Green Line: How to Balance Selling and Profitability in Cannabis Retail
- DCC’s ‘Inadequate Oversight’ of $100M Undermined California Licensing Program for Cannabis Growers
- High Tide to Open Canna Cabana Store in Lucan, Ontario
- Whitney Economics Reduces 2030 Hemp Fiber and Grain Acreage Forecast by 4.5 Million Acres
