Rhode Island Retails $1.6M of Cannabis During Market’s First Week

Rhode Island cannabis dispensaries sold about $1.6 million worth of combined medical and adult-use cannabis during the state’s first week of regulated recreational sales.

Full story after the jump.

Rhode Island cannabis dispensaries collectively sold more than $1.63 million worth of cannabis during the state’s first week of adult-use sales, WPRI reports.

The cannabis sales total covers about $786,000 worth of adult-use cannabis and $845,400 worth of medical cannabis. The state can expect roughly $133,600 in cannabis taxes from the first week with about $23,500 in taxes going to the local governments which host the shops — adult-use cannabis sales in the state are taxed at 20% while medical sales are only subjected to the state’s 7% sales tax.

For comparison, the state recorded just over $1 million worth of medical cannabis sales during the last week of October.

In addition to the December 1 launch of adult-use sales, Rhode Island has also stopped charging fees for medical cannabis patients to register or renew their registration for the program. The state is also anticipating lower revenue due to the loss of cannabis-based court fees following the mass expungement of cannabis possession charges. In total, the state’s Office of Management and Budget said it expects to net just $368,000 after expenses from this fiscal year’s anticipated $5.9 million in cannabis tax revenue.

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

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