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Rhode Island Hits $100 Million In Cannabis Sales First Year

Rhode Island marked a milestone in the cannabis industry as state-licensed businesses surpassed $100 million in sales during the inaugural year of legal adult-use cannabis. Recent data released by the Rhode Island Department of Business Regulation, updated through November, reveals a total of $105.0 million in legal cannabis sales since December 2022.

Recreational sales, which commenced in December 2022, accounted for nearly $70 million, constituting around two-thirds of the total sales. Medical marijuana sales made up the remaining portion, and though steadily declining throughout the year, still contributed significantly.

Sales activity exhibited a consistent upward trajectory throughout most of the year, reaching its peak in August. September set a record for adult-use sales, with November experiencing the lowest recreational sales since July, totaling approximately $6.9 million. Overall, November’s total sales amounted to $9.2 million, the lowest since June.

Breaking down the product categories, pre-rolled joints emerged as the most popular item, with 162,060 units sold in November. “Pre-packaged bud” followed closely with just under 160,000 units, trailed by edibles (69,332), vape carts (53,911), infused pre-rolls (15,015), concentrates (13,132), tinctures (901), and topicals (789).

The average purchase receipt for November stood at $25.21, according to the Department of Business Regulation.

Governor Dan McKee celebrated the successful completion of Rhode Island’s first year of legal adult-use sales, emphasizing the careful execution that defined the state’s entry into the cannabis industry. McKee highlighted the economic opportunities that have arisen and acknowledged the importance of the licensed cultivators, processors, and manufacturers in the state’s cannabis supply chain.

Throughout the year, Rhode Island achieved significant milestones, including the formation of the Cannabis Control Commission (CCC) tasked with regulating the new industry. The CCC, established in response to the burgeoning cannabis market, has made key hires, including a chief legal counsel, with plans for further expansion.

Industry advocates have been actively seeking changes to state law, specifically focusing on social equity qualifications, expansion of the social equity fund, fee waivers, and provisional licenses. Regulators are working to refine social equity eligibility criteria by seeking data at both state and federal levels.

In October, Rhode Island officials addressed discrepancies in marijuana sales figures, providing updated and accurate data since the launch of the adult-use market in December 2022. The adjustments were made in response to inquiries from Marijuana Moment after disparities were noted in the state’s monthly sales records.

Read the whole article here.

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