For just the third time in Rhode Island, monthly marijuana sales have surpassed $10 million.
According to data released by the Rhode Island Department of Business Regulations, $10,080,639 worth of marijuana and marijuana products were sold legally in May, marking just the third time legal sales have passed $10 million (following December 2023 and March 2024). It falls short of the $10.22 million record set in December.
Of the $10.2 million in marijuana sold, $2,157,437 was purchased by medical marijuana patients, while $7,923,202 was purchased by recreational consumers. The average transaction amount in May was $37.32.
The yearly total for 2024 is now $48,888,892. The total for 2023 was $107,816,615, resulting in around $15 million in tax revenue.
Rhode Island’s recreational marijuana law was passed in 2021. The law allows those 21 and older to purchase up to an ounce of marijuana from a licensed retail outlet, and they can grow up to 12 plants for personal use. Marijuana receives a 10% excise tax 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.
Last week, Michelle Reddish, who has been the chief operating officer of the Oklahoma Medical Marijuana Authority for the past year, was selected to lead Rhode Island’s new cannabis agency.
