Legal marijuana stores sold nearly $9 million in legal marijuana in May, a new monthly record for the state with a population of just less than 1.1 million.
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According to data released by the Rhode Island Department of Business Regulations, there was $6,037,183.97 in recreational marijuana sold in May, as well as $2,979,828.99 worth of medical marijuana. This brings the total amount of legal marijuana and marijuana products sold in May to $8,892,593.99.
The $8.89 million sold in May is a monthly record for the state and represents a modest increase from the $8.4 million sold in April, and the $8.7 million sold in March.
The average sales receipt for marijuana transactions in May was $25.55, the first time the number has dropped below $30.
The total legal marijuana sales in Rhode Island Between December 1, 2022 (the start of legal sales) and March 31, 2023 is now roughly $47 million.
Under Rhode Island’s marijuana law, initially passed in July, 2021, marijuana receives a 10% excise tax which is in addition to the 7% statewide sales tax and a local tax of up to 3%. Medical marijuana patients are required to pay the 7% sales tax, but not the 10% excise tax.
Based on these numbers Rhode Island made a little over $1.2 million in marijuana taxes in May, bringing the total since December to over $5 million.
In Rhode Island those 21 and older are allowed to purchase, posses and consume up to an ounce of marijuana, and they can grow up to 12 plants for personal use.
