Rhode Island: $ 1.6 million of cannabis sold in the first week of legal sale

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Cannabis dispensaries across the state of Rhode Island sold more than $1.63 million worth of cannabis in the first week of adult cannabis sales in the state.

Earlier this year, Rhode Island became the 19th US state to legalize cannabis for adult use. Under the measure, adults 21 and older are allowed to buy and possess up to one ounce of cannabis, keep up to 10 ounces in their homes, and grow up to six cannabis plants in their homes. .

Total first-week cannabis sales cover approximately $786,000 of adult-use cannabis and $845,400 of medical cannabis.

The state can expect to collect about $133,600 in cannabis taxes in the first week, of which about $23,500 goes to local governments that host the stores. Adult cannabis sales in the state are taxed at 20%, while medical sales are only subject to the state’s 7% sales tax.

By comparison, the state saw just over $1 million in medical cannabis sales in the last week of October.

In addition to the launch of adult-use sales on December 1, Rhode Island also stopped charging fees to register or renew the registration of medical cannabis patients under the program.

The state also expects revenue to decline due to the loss of cannabis-related court costs following the mass expungement of cannabis possession charges. In total, the Office of State Management and Budget said it expects the $5.9 million in tax revenue from cannabis this fiscal year to bring in just $368,000 after expenses.

In the neighboring state of Connecticut, legal sales should begin in early 2023.

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