(WFSB) – The Department of Revenue projected Connecticut would make $19.1 million in tax revenue from THC products in 2023.
The state is about $3 million short of the projected tax revenue for the year.
“It really doesn’t bother us,” said Department of Revenue Commissioner Mark Boughton. “It’s just a projection.”
Starting in January, people could legally purchase recreational marijuana in brick-and-mortar stores.
The President of the Connecticut Cannabis Chamber of Commerce said sales have doubled between January and October.
“In the first month of sales, there was about a total of $13 million in sales. Our last month that we’ve taken a look at the month of October, sales were over $25 million,” said Adam Wood, Adam Wood, President of the Connecticut Cannabis Chamber of Commerce.
For the state that makes thousands of dollars in tax collection.
In January the state made nearly $477,248.30 in tax collection.
In October that number more than doubled to $1,598,287.41.
An upwards trend in sales and tax collection state-wide mirrors what Fine Fettle in Newington has seen over the last year.
They are one of the 27 retailers the state currently has.
“I would say it’s right about on mark with what we were anticipating,” said Paolo Amenta, Assistant Manager and Pharmacist. “That allows us the opportunity to expand and continue to kind of put our footprint in the state of Connecticut.
Although trends are promising for the cannabis market in Connecticut, Boughton said partners are now looking at ways to diversify and be competitive with neighboring markets in Massachusetts and New York.
“They have things like seltzers, we’re still trying to figure that out, they have different variety of gummies we can only have one color gummy here,” said Boughton. “You can’t really find a lot of stuff in the Connecticut dispensaries, it’s coming.”
The cannabis market in the state is just getting on its feet.
Boughton reminded people that all products you consume in Connecticut also have to be made and developed here.
He said more variety in cannabis products are around the corner.
“We’re on the phone almost daily about what is possible,” Boughton said.
“Cultivation is the key part which is really going to help the industry and so I think that’s the key piece we’re watching and trying to help,” said Wood.
Wood said there will be 80 new licensed businesses in the next new year, and 10 of those businesses include cultivators.
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