Rhode Island’s recreational marijuana sales in December smashed its previous monthly record, surpassing $7.8 millions in adult-use sales. Patients also purchased $2.4 million of medical cannabis.
In 2023, the Ocean State saw more than 100 million dollars in legal marijuana sales, with roughly two-thirds of those purchases coming from adult users.
According to the Department of Business Regulation in Rhode Island, the adult-use cannabis sales accounted for $74.2 million of the $107.8 millions worth of total sales between January and December of last year. Another $33.6 million came from the medical sales.
The number of adult-use marijuana purchases has steadily increased since December last year, when legal retailers opened. Last month, however, the combined total medical and recreational marijuana sales reached $10.2 million. This was a significant increase over the previous record set in August, which was $9.7 millions.
According to the latest DBR data, edible marijuana was a popular product in December. Other products that were also very popular were prepackaged cannabis flowers, raw prerolls and vape carts. Some product categories, such as concentrates, prerolls infused with cannabis and tinctures, saw lower sales in December.
The average price of a transaction in December was 26.12 dollars, up nearly one dollar from the 25.21 average the month prior but still $5 less than the average for January at 31.01.
Rhode Island Gov. Dan McKee celebrated the first year of adult-use legal sales in the state, which ended at the end November. In that time period, the total sales were $105.0 million. Of this, almost $70 millions came from adult-use sales.
He said, “One year after adult-use cannabis was legalized in Rhode Island we are proud of our careful execution which defined our entry into the industry.” This success is a growing opportunity not only for the economy of Rhode Island, but also for nearly 70 licensed growers, processors and manufacturers who are essential to the local cannabis supply chain.
Despite the spike in December, medical marijuana sales have been steadily declining over the past year. This is a trend that has become commonplace once adult-use cannabis sales begin.
Last month, as 2023 approached, advocates for the industry requested changes to the state’s Marijuana Law. These included limiting the qualifications for applicants for social equity, increasing the fund for social equity with additional tax revenue, and allowing fee exemptions.
Regulators have, on the other hand, been requesting state and federal data in order to better define eligibility for social equity.
In October, Rhode Island officials quietly updated marijuana sales figures dating back to the state’s launch of its adult-use market, in December 2022. This corrected discrepancies that could sometimes amount to tens or thousands of dollars.
This adjustment was made in response to Marijuana Moment’s request for clarification after the Department of Business Regulation of Washington State published its monthly sales figures from September. Initial, the retail sales totals published by the state did not match the combined medical and recreational sales.
Rep. Brandon Potter also introduced legislation recently to legalize the personal possession, cultivation, and sharing of psilocybin mushroom within the state. Further changes are tied to federal reforms.
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Potter said to Marijuana Moment that allowing noncommercial growth and sharing of psilocybin “would create a framework for it to be the most accessable model” so people can actually get.
He doesn’t also want to frame reform as a change meant to make money.
He said, “I do not want this initiative to be economically driven.” “This is not about creating a new state industry at the expense people’s health care. This is about providing a care option to people.”
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The article Rhode Island Marijuana Retailers Break Monthly Sales Records, Capping $100 Million in Cannabis Purchases by 2023 first appeared on Marijuana moment.
