In Rhode Island, marijuana sales nearly reached $10 million for the third straight month.
According to the Rhode Island Department of Business Regulations, legal marijuana stores and dispensaries sold a combined $9.52 million in product in August. The vats majority of these sales, $7.70 million, were purchased for recreational use, with medical marijuana patients purchasing $1.83 million in product during the same period.
These figures are nearly identical to the $9.63 million sold in September of last year, but are a slight drop from the record-setting $10.25 million sold last month.
The year-to-date total for marijuana sales is now $88,425,570, spread across 2,411,193 different transactions. The average transaction amount was $36.68.
Last year, the total sales amounted to $107,816,615, contributing approximately $15 million in tax revenue.
Rhode Island’s 2021 recreational marijuana law allows adults 21 and over to buy up to an ounce of marijuana from licensed retailers and grow up to 12 plants for personal use. Recreational sales are taxed with a 10% excise tax, a 7% sales tax, and up to 3% in local taxes. Medical marijuana patients are exempt from the excise tax but must pay the 7% sales tax. Most of the revenue goes to the state’s general fund.
Marijuana tax revenue is allocated to key areas. A large share supports the General Fund for public services. The Social Equity Assistance Fund helps communities harmed by past prohibition with economic development and job training. Municipalities hosting marijuana businesses receive a portion to cover oversight costs. Public health, safety programs, and industry regulatory costs are also funded.
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