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

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

Earlier this year, Rhode Island became the 19th U.S. state to legalize cannabis For adult use. Under this measure, adults 21 and older are permitted to purchase and possess up to one ounce of cannabis, keep up to 10 ounces at home, and grow up to six cannabis plants at home.

Total cannabis sales for the first week amounted to approximately $786,000 in adult-use cannabis and $845,400 in medical cannabis.

The state can expect to collect approximately $133,600 in cannabis taxes during the first week, of which about $23,500 will be distributed to the local governments that host the stores. Sales of cannabis for adult use in the state are taxed at 20 %, while medical sales are subject only to the state’s 7 % sales tax.

By way of comparison, the state recorded just over one million dollars in medical cannabis sales during the last week of October.

In addition to launching sales for adult use on December 1, Rhode Island has also stopped charging registration or renewal fees for medical cannabis patients enrolled in the program.

The government also anticipates a decline in revenue due to the loss of court fees related to cannabis following the’Mass Dismissal of Cannabis Possession Charges. Overall, the Office of State Budget and Management stated that it expects the $5.9 million in cannabis tax revenue for this fiscal year to yield only $368,000 after expenses.

In the’State neighboring Connecticut, legal sales are expected to begin in early 2023.