State of the Industry Massachusetts
Cannabis in Massachusetts is at a crossroads.
Since Massachusetts legalized adult-use cannabis in 2016, the state's cannabis market was anticipated to be a thriving industry, generating substantial revenue and creating jobs. However, several challenges have impeded the industry from reaching its full potential, including slowing revenue and job growth, business closures, and the overly burdensome laws and regulations.
Decreased Prices
According to the Wholesale Cannabis Pricing Guide 2023, the price of a pound of cannabis has plunged by 61% in Massachusetts.
Closing Businesses
Since December 2022, the Massachusetts adult-use market has seen its first business closures in Framingham, Northampton, and Worcester.
New Opportunities
Additional Market Share
“In 2020-21, an estimated 1.5 million Massachusetts adults used marijuana at least once a year, according to the federal government’s National Survey on Drug Use and Health. That’s 27 percent of adults — up from 19 percent in 2015-2016, just before legalization. It’s still a lot less than the 56 percent who’d had at least one alcoholic drink in a month, but the numbers are growing.” - Boston Globe
Better Regulations
The evolving nature of regulations is a constant challenge faced by the Massachusetts cannabis market. This regulatory uncertainty has proved costly and hindered investment and growth. To mitigate this challenge, MCC will strive to create a stable and predictable regulatory environment and work for more transparent investigation and compliance processes.
More Data and Education
Data-driven education and decision making is critical for the cannabis industry to move past negative stigmas and reach industry goals. For legislators and regulators, better data can help create an optimal regulatory environment for growth. Potential patients can utilize data and education campaigns to better understand cannabis as a safer medicine to improve life outcomes and more.