Cannabis Business Is Riding High
Back in November — only two years after adult-use marijuana became legal in the Commonwealth — the Massachusetts Cannabis Control Commission reported sales had surpassed $1 billion, and the state had collected some $200 million in taxes from the adult-use windfall. At the time, employment in the adult-use cannabis field in Massachusetts was approaching 6,000. It’s likely significantly higher now.
The COVID-19 impact? Not much, really. Except during those weeks from March through early May 2020, when most businesses of all kinds were closed to the public, dispensaries have reported steady revenues right through the pandemic. While the supply-chain issues and other economic impacts that followed in the wake of COVID did slow the pace of progress at some projects in various stages of development, customers are still lining up to get into the shops currently open.
In short, some industries are more resilient amid shifting economic tides — and public-health emergencies, it turns out — than others, and cannabis has proven, so far, to be one of them.
One lingering question, however, is how the rapid proliferation of dispensaries and other cannabis businesses will impact sales at each individual shop — in other words, will supply begin to outstrip demand and make this a riskier or less desirable industry to enter than it was a year ago?
To hear the business owners themselves tell it, the answer is no. Take Northampton, for example. Both Noho-based business owners we spoke with for this issue’s cannabis focus say that city has become such a destination for cannabis that each new enterprise just adds a little more texture to a robust ecosystem — and draws in even more customers from outside.
After all, if a city is known for its restaurants, no one ever says there are too many, or that it’s a bad idea to open another.
The heightened competition has, of course, forced new business owners to think critically about how to best stand out from the crowd, and the stories starting on page 29 are good examples of how they’re doing exactly that.
Cannabis has been a boon for the state’s coffers, no doubt about it. But it continues to be a strong driver of employment as well, one with a still-undefined ceiling. And it’s begun to add real vibrancy to the economy and lifestyle of communities that have been welcoming hosts.
In short, this is still fertile soil. After a year of economic news that hasn’t always been bright, that’s something to celebrate.