There was more recreational marijuana sold legally in December than any month prior, according to data just released by the Connecticut officials.
In December, licensed marijuana stores sold $18,417,317 worth of recreational marijuana products, in addition to $7,017,428 in medical marijuana products, combining for a total of $25,434,745. This brings the total for 2024 to $300 million.
Prior to December, the top month for recreational marijuana sales was August, with $17.9 million
Connecticut legalized marijuana in 2021, with retail sales starting in January 2023. Adults 21 and older are permitted to possess up to 1.5 ounces of marijuana in public and store up to 5 ounces in a secure container. Personal cultivation is allowed, with households limited to six plants, including up to three mature ones. Marijuana and related products are available through licensed dispensaries and retail outlets.
Recreational marijuana sales are taxed at a state sales tax rate of 6.35%, along with an excise tax based on THC content. The excise tax is set at $0.00625 per milligram of THC for cannabis flower or plant material, $0.0275 per milligram for edibles, and $0.009 per milligram for other cannabis products.
Revenue from marijuana taxes is distributed across three main areas. The Social Equity and Innovation Fund receives 60% of excise tax revenue to assist communities disproportionately impacted by the war on drugs and to advance equity in the cannabis industry. Another 25% is allocated to substance abuse treatment and prevention programs to address public health concerns. The remaining 15% supports the state’s General Fund, which finances various state services and operations.
More articles from The Marijuana Herald can be found below.
