Rhode Island cannabis dispensaries earned more than $100 million in combined medical and adult-use sales during the state’s first year of adult-use operations.
Rhode Island Tops $100M During First Year of Adult-Use Cannabis Sales
Aerial panorama of Providence skyline at dusk. Providence is the capital city of the U.S. state of Rhode Island. Founded in 1636 is one of the oldest cities in USA.
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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.
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