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.
(Photo credit: Shutterstock)
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.
More articles from The Marijuana Herald can be found below.
