Massachusetts cannabis prices plummet as businesses shut down amid tax concerns

The Board of Assessors meeting held on March 26, 2025, in Hubbardston, Worcester County, focused on several key issues regarding local businesses and property assessments. The meeting began with discussions surrounding the current state of the marijuana industry in Massachusetts, particularly the significant drop in prices from approximately $15 per gram to around $4. This decline has led to numerous businesses closing or withdrawing from the market, raising concerns about tax revenues and property values associated with these establishments.

Board members expressed their frustration over the lack of information regarding a specific business that has reportedly fallen behind on tax payments. The discussion highlighted the challenges faced by the tax collector in obtaining necessary data to address these arrears effectively. It was noted that the property in question has not shown any signs of active business operations, with no visible structures or activities observed during a recent flyover inspection.

The board emphasized the importance of addressing properties that may be underperforming or in disrepair. Members agreed that quicker action should be taken to assess and potentially reclassify these properties to ensure that the town can maintain its tax base and property values. The conversation underscored the need for better communication and collaboration between the assessors and the tax collector to resolve outstanding issues related to property assessments and tax collections.

In conclusion, the meeting highlighted ongoing concerns about the impact of the declining marijuana market on local businesses and tax revenues, as well as the necessity for more proactive measures in managing properties that are not contributing to the town's economic health. The board plans to continue investigating these issues in future meetings.