Last month, Connecticut’s legal cannabis retailers sold marijuana worth nearly $25 million. This included a record amount of adult-use product.
Although overall marijuana sales were slightly down from September’s $25,2 million, recreational product sales set another record for the month, reaching $14.7 million. This means that every month since Connecticut opened its adult-use market in January, the state has seen a record high for sales.
The Department of Consumer Protection of the State released sales figures on Monday.
Retailers sold more adult-use products this October than ever before, and they also moved an unprecedented number of products–393 642, to be precise. This is about 17,600 products more than September. In September, medical marijuana dispensaries sold about 6,500 less products than they did in August.
The average product price fell slightly in both markets. According to state data, the average adult-use product was priced at $36.48, whereas the average medical marijuana product was priced at $37.55. This was the lowest price ever recorded for recreational marijuana products in the state.
On both markets, in October, over half (53%) of the marijuana money spent was on cured cannabis flowers. This was followed by infused edibles (28%) and extracts for “inhalation”, such as dabbable concentrated (6%)
Connecticut’s sales will likely change in December as the state increases the limit on the amount of marijuana adult users can buy in one transaction. Starting December 1, the transaction limit for non-medical users will increase from a quarter ounce of flower or equivalent to a full ounce.
Medical marijuana buyers can continue to buy up to 5 ounces per month.
The purchase limits for products other than raw cannabis flower will be set by equivalence. DCP, for example, said that the new limits would restrict adults to purchasing no more than fourteen prerolled joints, each weighing a gram, four to eight cartridges of vape or approximately 170 servings edibles. Each serving is limited to 5 milligrams THC.
In Connecticut, home cultivation of marijuana is now legal for personal use.
Connecticut has legalized marijuana use for adults in the state legislature since 2021. Sales numbers have continued to grow rapidly two years after that date. This year the adult-use marijuana market has experienced several consecutive record-setting monthly purchases. The most recent sales data for September shows that adult-use cannabis sales were $14.4 million and medical cannabis sales were $10.8 million.
In August, the state launched a fund to support marijuana businesses that promote social equity. The loan program provides financial assistance for people who have been disproportionately affected by prohibition to expand their businesses in the legal sector.
The state , on the other hand, adopted in July tax breaks for cannabis businesses, which are currently not allowed to make federal deductions due to an Internal Revenue Service code (IRS), known as 280E. The governor’s office stated that giving marijuana businesses the state level 280E workaround will translate to $4.7 million of industry relief in fiscal 2024, and $6.2 million by fiscal 2025.
Massachusetts Governor Files a Bill to Create Psychedelic Treatment Working Group for Veterans as Activists Push For Legalization on Ballot
The post Connecticut Adult Use Marijuana Sale Reached New Highs In October While Medical Cannabis Continues to Decline first appeared on Marijuana Moment.
