Boston Marijuana Industry Could be Worth $1 Billion by 2020

Yael Van Delden, NECIR Summer Journalism Student, Student at Punahou School in Hawai'i, Writer for Punahou's Ka Punahou Newspaper, has written for local newspaper "Star Advertiser"

Hang on for a minute...we're trying to find some more stories you might like.

Email This Story

In just two years, the recreational marijuana industry will boost Boston’s economy by more than “$1 billion dollars” says Dan Adams, who covers the cannabis industry for The Boston Globe.

Speaking at a Facebook Live conference, Adams predicted that marijuana growers and processors will not be the only ones to benefit from recreational marijuana sales in Massachusetts, which became legal on July 1st. Electricians, plumbers, lawyers, and lobbyists will all see their businesses grow, he said.

The alcohol industry is dreading the new law.  Many beer and wine companies are so concerned that their sales will plummet that they are starting to explore ways to partner with  marijuana businesses. “Canadian brewery Molson Coors is considering a big investment in a Canadian marijuana company,” Adams said.

According to Adams, craft beer companies, however, are less concerned about losing business because their products are so distinctive their customers will stay loyal to their product.

Local governments may be able to ban the sale of recreational marijuana in their communities. They  have until next June to decide how to regulate the substance. But if marijuana businesses find local restrictions to be “unreasonably impractical,” they may be able to challenge restrictions and sell their products anyway, Adams said.