As of Jan. 10, the sale of adult-use cannabis has been legal for a year in Connecticut.
The state is poised to meet its projected tax revenue of around $26 million for the first year, but many in the industry say it could have been better.
New England Region for Acreage Holdings Vice President Ben Tinsley said even though they’re now allowed to sell a half an ounce at a time, instead of a quarter ounce, it hasn’t done much for his business.
“So we didn’t see any substantial increase right, as more operators are opening up that pie is being eaten by more people,” Tinsley said. “So nothing substantially in terms of revenue change came about with the allotment change.”
Connecticut’s recreational marijuana prices are also some of the highest in the region. Massachusetts prices are the cheapest.
Tinsley said the state’s biggest issue is supply.
“There’s an abundance of inventory in Massachusetts and it’s the opposite in Connecticut,” Tinsley said. “And I think that not just because we don’t have it in the state. I think Connecticut loses revenue to states like Massachusetts and soon New York if they aren’t able to get other producers up online.”
Connecticut has four licensed growers in the state.
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