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Sad trombone: This newly legalized state won’t reap pot taxes next year

Sad trombone: This newly legalized state won’t reap pot taxes next year

BOSTON — Massachusetts officials aren’t expecting any quick financial windfall from the state’s new recreational marijuana law.

Related: Why legal retail marijuana in Massachusetts is a political game-changer for the East Coast

State Treasurer Deb Goldberg and Revenue Commissioner Michael Heffernan told lawmakers at a budget hearing on Monday not to anticipate any revenues from recreational marijuana sales or licensing in the fiscal year that starts July 1, 2017.

In fact, Goldberg says her office will initially need state funds to implement the voter-approved law.
The law is scheduled to take effect on Dec. 15 but retail sales aren’t expected until 2018.

A Cannabis Control Commission must first be established to license and regulate future pot shops.

Goldberg also renewed her criticism of the 3.75 percent excise tax the law puts on retail marijuana sales, noting it’s significantly lower than in states that previously legalized recreational marijuana.

Published at Tue, 06 Dec 2016 15:08:53 +0000