Cannabis at a Crossroads

Cannabis has become a major economic driver for Massachusetts, now with more than 300 recreational marijuana stores and more than 28,000 jobs created by the industry. The new sector generated over $240 million in state tax revenue in the year 2023 alone and over $40 million in local sales tax for municipalities with cannabis operations.

The industry, however, has hit economic headwinds as plummeting cannabis prices and high operating regulatory costs have squeezed the profit margins of retailers. At least 16 cannabis retail licenses have been surrendered over the past year, resulting in lost jobs and disappearing investments. The economic challenges have been overshadowed by the leadership strife affecting the Cannabis Control Commission.

Lawmakers are hearing from small operators and mult-license operators alike, sounding the alarm about an industry at a crossroads. So, what’s next for the industry and are there structural changes that can make an impact?

Operators and others are offering an array of legislative proposals that they believe will bolster the industry while protecting operators, consumers and the tax revenue supplied by the industry. These proposals include providing funding to the Social Equity Trust Fund, raising the cap on the number of licenses that an entity or individual can hold, regulating the sale of intoxicating hemp, increasing purchase limits, and ending the vertical integration requirement for medical marijuana businesses.

Join us as we hear from operators, legislators and other stakeholders about their experiences and what steps are needed to expand the cannabis industry’s growth in an equitable way.

Questions/sponsorship opportunities? Contact Dylan Rossiter, Dylan.Rossiter@StateHouseNews.com

KEYNOTE

The State of Cannabis — research by Banks & Company

LEGISLATIVE CONVERSATION

• Sen. Adam Gomez, Chair, Joint Committee on Cannabis Policy
• Rep. Dan Donahue, Chair, Joint Committee on Cannabis Policy
• Moderator: Jim Smith, Partner, Smith, Costello, Crawford

INDUSTRY ROUNDTABLE (in formation)

• Jeff Rawson, Executive Director, Institute of Cannabis Science
• Gyasi Sellers, Owner, Treevit
• Payton Shubrick, Owner, 6 Bricks
• Danielle Drummond, VP of Social Equity, AWH
• Kay Doyle, Director of Government Affairs, Green Thumb Industries
• Moderator: Tito Jackson, former Boston City Councilor