Massachusetts officials aren’t expecting any quick financial windfall from the state’s new recreational marijuana law.
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.
more recommended stories
- High Surf Advisory issued August 16 at 10:24AM EDT until August 16 at 8:00PM EDT by NWS
…HIGH SURF ADVISORY REMAINS IN EFFECT.
- University loses students, major donations after they reinstate racist anti-white professor
(AP Photo/Dave Collins) Johnny Eric.
- Rights defenders â€˜must not be silenced,â€™ says UN office, urging Turkey to release activists
7 July 2017 â€“ The United.
- North Korea Claims It Tested First Intercontinental Missile
This image made from video of.
- Getting Creative with Instagram
By Lisa Jane on Tuesday.
- A small sign in a big state shows the future is libertarian
(AP Photo) High schoolers all across.
- Leading the U.S. in Medicine Through Investment and Innovation
Source: United States Chamber Of Commerce.
- One in 10 LinkedIn Profiles is a Complete Lie, Study Finds – Takeaway for Small Business Employers
Looking to fill a job vacancy.
- An alternative to college: Ivanka unveils plans for ‘vocational, skill-based education’
(AP Photo/Evan Vucci) On Monday, Ivanka.
- 10 Things To Know For Today,,,
President Donald Trump, first lady Melania.