There’s no doubt that the cannabis industry is lucrative, but to what degree was possibly underestimated by some. Although not all states have legalized cannabis, experts estimate that the market could reach $33B, primarily due to recreational use. That said, it should be no surprise that cannabis has become the top crop in certain states.
Massachusetts officials declared October the month of cranberries. The gesture intended to honour the growers of the delicious fruit, but it turns out that cannabis cultivators had a one-up on cranberry farmers. CBS News reports that Massachusetts cannabis crops outperform any market yield. Where cranberries sold $66M in 2021, The Leafly Harvest Report revealed that MA’s cannabis crop’s estimated value stands at $362M. That’s based solely on the adult-use market.
That’s a massive boom to witness in a short amount of time. It was only in 2016 when the adult-use cannabis market was on the ballot, and it took two years for the first two dispensaries to open up shop. However, hundreds of dispensaries have popped up across the state over the past six years since residents voted yes to adult-use cannabis use. Not only are consumers purchasing the product, but the high demand has also increased the industry’s workforce, providing jobs for hundreds, if not thousands, of jobs. Garden Remedies’ VP of Labs Gene Ray told the news outlet that the company’s workforce expanded by five times the original number. There are 150 individuals employed at Garden Remedies grow site, in addition to the ones hired at their headquarters and three dispensaries.
In the last few months, Massachusetts has begun to hit new strides in the cannabis market. It’s evident in the value of the cannabis crop, which is a result of the Cannabis Control Commission’s keeping their doors open to new cultivators. Boston.com reports that it’s played to the consumer’s and law enforcement’s benefit since dispensary prices have decreased to reflect that of the black market. However, it is slightly hitting the growers’ bottom line, providing a much more realistic number that growers can sustain for the industry’s longevity.
Massachusetts cannabis industry is still young with plenty more growth. It would be surprising to see marijuana continue outperforming the state’s other crops in the future
