County’s First Pot Shop Sees the Green
If you've driven by Theory Wellness on Stockbridge Road in Great Barrington since it opened in January of this year, you can attest to the fact the line has been out the door ever since. A little more than seven months later, Berkshire County's first retail recreational marijuana business is reporting some pretty serious revenue.
So just how much has the operation generated and more importantly how much has the town garnered in taxes?
According to the Berkshire Eagle, since January, Theory Wellness has sold $16.3 million dollars in marijuana, $10.3 million in the last three months alone, the second quarter of business.
The newspaper reports that second quarter sales from the pot shop will generate about $535,000 for the town, via Great Barrington town accountant Sue Carmel. $309,000 will immediately go to the town as part of its host agreement with the company to pay a three percent community impact fee. This is in addition to the $185,807 the town took in from the impact fee on the first quarter's $6 million in sales. The remaining $225,800 in revenue from the municipality's three percent local tax will first pass through the state and then on the town.
As far as what the town plans to do with it's new influx of money, Select Board Vice Chairman Ed Abrahams tells The Eagle that there is no precedent and they are not yet sure on how to spend it. Some of the money is designated to reduce the harmful effects of marijuana according to state regulations, however Abrahams says there is still discussion around what that actually means and they'll be speaking with the town's lawyers to determine exactly what to do.