Rhode Island Tops $100M During First Year of Adult-Use Cannabis Sales

Rhode Island dispensaries sold more than $100 million worth of combined medical and recreational cannabis products during the state’s first year of adult-use operations, according to data from the Rhode Island Department of Business Regulation.

Adult-use cannabis sales launched in the state on December 1, 2022, and the state’s monthly adult-use sales exceeded $7 million for the first time in August, which also marked the year’s peak total sales of just under $9.7 million. In total, the state sold $35.1 million worth of medical cannabis products and $69.8 million worth of adult-use products during the first 12 months of recreational sales, which far exceeded initial projections of $50 million, MJBizDaily reported.

The boosted sales could be attributed to the statewide legalization of cannabis advertisements midway through the year.

“A year into adult-use cannabis sales in Rhode Island, we are proud of the careful execution that defined our entry into this industry. This success represents growing opportunity for our state’s economy but also for the nearly 70 licensed cultivators, processors, and manufacturers in the State of Rhode Island which we know are integral to our local cannabis supply chain.” Gov. Dan McKee (D), in a statement

Notably, the number of registered medical cannabis patients in Rhode Island fell from 15,062 last December to 10,037 in November.

Rhode Island, which passed its adult-use cannabis legalization law in May 2022, was the 19th U.S. state to adopt the reforms.

Get daily cannabis business news updates. Subscribe

Have an additional perspective to share? Send us a message to let us know, and if your comment is chosen by our editors it could be featured here.

Thanks for reading our latest news article. Stay up to date on the latest hemp news, sourced and approved by HempRevs. If you have any questions or comments, please feel free to leave us a message in the comments!

Sign up for our weekly newsletter to stay up to date on the latest Industry news and follow our site for our next post!

Source Disclaimer: This article was was sourced from Ganjapreneur.com (the Original Publisher). In order to maintain the functionality, trust, and safety of HempRevs.com, the content sourced from the Original Publisher may have been altered. Read the original article here:
Rhode Island Tops $100M During First Year of Adult-Use Cannabis Sales

Your subscription could not be saved. Please try again.
Awesome! You've Successfully Subscribed!

Join Our Newsletter

Get our latest reviews, news, and articles sent to your inbox every week!

Latest Articles

Galaxy Treats Banner Ad - 300x600

Related Content

Leave A Reply

Please enter your comment!
Please enter your name here