According to the Rhode Island Department of Business Regulations, legal marijuana stores and dispensaries sold a combined $9.79 million in product for the month of October.
Recreational marijuana made up the majority, with $7.97 million in sales, while medical marijuana patients accounted for $1.82 million. These figures represent consistent demand, bringing the year-to-date total for marijuana sales to $98,217,904.
Since the state’s first licensed recreational marijuana store opened in late 2022, Rhode Island has seen an all-time total of $135,447,702 in sales.
Rhode Island’s recreational marijuana law, passed in 2021, allows adults 21 and older to purchase 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 still pay the 7% sales tax. Most revenue from these taxes supports the state’s general fund.
Tax revenue from marijuana sales is allocated to essential areas, including the General Fund to support public services. The Social Equity Assistance Fund provides economic development and job training to communities affected by prohibition. Municipalities with marijuana businesses receive a share to offset oversight costs. Additionally, funding supports public health, safety initiatives, and regulatory expenses for the industry.
