As New Bedford slows the rollout of recreational marijuana shops, Fall River is preparing for a windfall. Fall River will impose a three percent tax on retail sales of recreational pot.
Starting this summer, Massachusetts will begin opening retail recreational marijuana shops. Cities and towns are allowed to place an extra tax on local sales. The Fall River City Council voted in favor of a three percent local tax last week.
Mayor Jasiel Correia supports the tax, and said the revenue will go back into the community.
“We felt that that money that surplus revenue from the excise tax, for public safety,” said Correia. “Specifically we’re looking at the possibility of sharing that revenue with some of our local nonprofits that treat substance abuse.”
Mayor Jasiel Correia compared the tax the city’s meal tax, which he says raises around $200,000 to $300,000 annually. He says Fall River is considering several retail marijuana shops.
“We have right now, four sites that are in their development stage,” said Correia. “And we expect at least three if not all four to open up sometime in the next fiscal year, which starts in June.”
Correia says at least one has applied for a location on the Rhode Island border.
