Licensed marijuana outlets in Rhode Island sold $9.57 million worth of marijuana between January 1 and January 31, according to the Rhode Island Department of Business Regulation. While this marks a slight decline from the $10.11 million recorded in December, it represents a modest rise from the $9.50 million sold in January 2024.
Of the $9.57 million in sales, $7.89 million came from recreational marijuana purchases, while $1.68 million was from medical marijuana sales.
In 2024, the state’s marijuana market generated $123 million in total sales, resulting in over $20 million in tax revenue.
Since recreational marijuana sales began in late 2022, demand has remained robust. Rhode Island legalized recreational marijuana in 2021, permitting adults 21 and older to buy up to an ounce from licensed retailers and grow up to 12 plants for personal use.
Recreational marijuana sales are taxed at a combined rate, including a 10% excise tax, a 7% state sales tax, and up to 3% in local taxes. Medical marijuana patients are exempt from the excise tax but still pay the state sales tax.
Revenue from marijuana taxes is allocated to the legislature’s General Fund, the Social Equity Assistance Fund (supporting communities disproportionately impacted by prohibition), and shared with municipalities hosting marijuana businesses.
H/T: www.newsbreak.com
