Marijuana sales are on the rise! Three Northeastern states recently set new records for monthly marijuana sales in July, further signifying the trend of increased interest in the cannabis industry. The latest figures solidify the ever-growing appetite for marijuana products in the region, indicating a trend of educational gains and acceptance of marijuana in the United States. As interest continues to swell, the marijuana industry offers plenty of opportunities for more records to be shattered in the months ahead. Read on to find out what states have seen the most success in marijuana sales, and how their numbers stack up against other states.
1) Genuine Green Gold Rush–Northeastern US Sets Cannabis Sales Records
Just three weeks into legal cannabis sales and Northeastern US states are already setting record highs. A genuine green gold rush across the region has driven locals to flood into dispensaries to purchase everything from flower buds to edibles and more. The sheer volume of sales is nothing short of astonishing.
The past weeks have seen huge successes in the region’s cannabis market. Regardless of the different states’ policies – from Maine’s strict limits on THC levels to Massachusetts’s fee restrictions for retail licensure – sales records have been shattered time and time again.
- Maine has pulled in $1.4 million in the first three weeks of sales.
- Massachusetts collected an additional $9 million in revenue.
- Rhode Island netted a whopping $4.8 million.
The Northeastern US’s foray into legal cannabis has had an immediate and overwhelming positive impact on its economies. Industry hopefuls from Washington to Massachusetts will be watching with eager eyes in the hope of catalyzing a genuine green gold rush of their own!
2) Gold Rush Fever: The Rise in Marijuana Sales In Three Northeastern States
In the northeastern corner of the U.S., demand for marijuana has surged to new heights as three states have begun to openly embrace the drug. Since recreational marijuana has been legalized in New York, Rhode Island, and Massachusetts, the market for the drug has grown substantially. Everyone from new entrepreneurs to novice consumers are eager to join in on the newfound “Gold Rush”.
The newfound “Marijuana Gold Rush” has been facilitated by the growth of the industry in the private sector. Business tycoons that have made their fortune elsewhere have jumped on the opportunity to join the marijuana investor market. Additionally, the growth of the industry has led to several opportunities for small businesses, such as:
- Seed banks
These businesses have provided a platform for investors to venture into the legal marijuana market. This growth of the private sector has been accompanied by the rise of retailers in the three states, allowing consumers to purchase marijuana for recreational and/or medicinal consumption. With the market rallying for growth, it’s no wonder why the northeastern states have experienced an explosion in the marijuana industry.
3) Blazing a New Trail: How July Marked a Turning Point For Northeast Marijuana Retailers
This past July marked a historic turning point for the Northeast marijuana industry as New Jersey, Maryland, and New York all took steps towards legalizing and/or expanding marijuana markets. Let’s take a closer look at what each state accomplished:
- New Jersey: On July 21, 2020, Governor Phil Murphy signed into law the legalization of adult recreational marijuana.
- Maryland: Earlier in July, Maryland lawmakers passed major reforms that essentially legalize marijuana.
- New York: With the passage of the MRTA — the Marijuana Regulation and Taxation Act — the Empire State legalized adult recreational marijuana.
Not only does this series of events mark an important crossroads in the long crusade to legalize marijuana, but it signals a decisive shift in economic power for local businesses. Across the region, dispensary walls have come crumbling down and forward-thinking retailers are now free to explore new opportunities.
4) Seeing Green: The Highs and Lows of Cannabis Commerce in the Northeast
Cannabis commerce in the Northeast has been an interesting ride, with its fair share of highs and lows. Though legal markets are gaining traction in some northeastern states, the plant remains controversial in many places. So what really lies beneath the surface of cannabis business in the area?
Let’s start with the highs. Several New England states have actively embraced the world of cannabis. Vermont was the first eastern state to legalize recreational marijuana, and nearby Massachusetts and Maine have now followed suit. These three states have some of the most liberal cannabis regulations in the country, with Massachusetts recently raising the legal possession limit to more than three times the federal amount. In addition, cannabis has been accepted as a legal prescription medicine in New York for some time now.
Then there’s the lows. Though these states have seen their share of progress when it comes to cannabis, the Northeast as a whole still has some of the most restrictive marijuana laws in the nation. Connecticut, Rhode Island, and New Hampshire have all decriminalized marijuana, but still refuse to legalize it for recreational use. Meanwhile, Pennsylvania and New Jersey have only taken baby steps when it comes to cannabis legislation, with both states only allowing for the prescription of medical marijuana and making no movement towards full legalization.
July was an incredible month for the legal marijuana market, as three states in the Northeastern US soared to new heights in sales–proving that this market is set to become even more lucrative in the near future. As we move further into the future, it’s clear that legal marijuana sales are likely to continue to climb – creating potential new jobs in the industry, improved quality assurance, and increasingly available products – all helping to undoubtedly normalize our society’s view of the useful drug.