In June, Rhode Island’s marijuana sales continued to climb, reaching $9.68 million, a slight increase from the $9.16 million recorded in June of the previous year.
According to the Rhode Island Department of Business Regulations, June’s sales included $7.65 million from recreational marijuana and $2.03 million from medical marijuana. The average transaction amount for June was $37.13.
This brings the total sales for 2024 to $58,565,192. Last year, the total sales amounted to $107,816,615, contributing approximately $15 million in tax revenue.
Rhode Island’s recreational marijuana law, enacted in 2021, allows adults 21 and over to purchase up to an ounce of marijuana from licensed retailers and cultivate up to 12 plants for personal use. Recreational marijuana is subject to a 10% excise tax, a 7% statewide sales tax, and up to a 3% local tax. Medical marijuana patients are exempt from the excise tax but must pay the 7% sales tax. The bulk of tax revenue is distributed to the state’s general fund.
In related news, Michelle Reddish, previously the chief operating officer of the Oklahoma Medical Marijuana Authority, has been appointed to lead Rhode Island’s new cannabis agency.
