Rhode Island’s monthly sales of adult-use and medical cannabis products have surpassed $8.7 million, according to the state’s Department of Business Regulation. That figure represents a significant increase from the $5.8 million in monthly sales reported just three months ago.
Rhode Island’s medical cannabis program has been in operation since 2006, and the state legalized adult-use cannabis through legislation that took effect in April of this year. As of August 8, Rhode Island has licensed 51 medical cannabis dispensaries and 25 adult-use retailers.
The state’s cannabis industry is poised for further growth, as several more medical dispensaries and adult-use retailers are in the process of seeking licenses.
Rhode Island’s Cannabis Sales Continue to Skyrocket, Reaching $8.7 Million Per Month
According to the Department of Business Regulation, Rhode Island’s cannabis sales have hit $8.7 million per month, an increase of nearly $3 million from just three months ago. The state’s medical cannabis program has been operational since 2006, while adult-use cannabis was legalized in April of this year. Currently, the state has 51 licensed medical cannabis dispensaries and 25 adult-use retailers, with several more in the process of seeking licenses.
The rapid increase in sales is seen as a positive sign for the state’s burgeoning cannabis industry, which is poised for continued growth as more dispensaries and retailers seek to enter the market. The tax revenue generated from cannabis sales will also be a welcome source of income for the state, which has been hit hard by the COVID-19 pandemic.
Rhode Island’s decision to legalize adult-use cannabis is part of a larger trend towards legalization across the US. As of 2021, 18 states and the District of Columbia have legalized cannabis for adult-use, with several others expected to follow suit in the coming years.
Despite this trend towards legalization, the cannabis industry still faces challenges, including issues with banking and access to capital. However, with the continued growth of the industry, these challenges are expected to be addressed in the near future.
Overall, Rhode Island’s cannabis industry is on track for continued growth, with sales expected to increase even further in the coming months and years.