Adult-use cannabis sales in Rhode Island reached a new monthly sales record in September, totaling $7.11 million, NBC 10 News… Read More
Adult-use cannabis sales in Rhode Island reached a new monthly sales record in September, totaling $7.11 million, NBC 10 News reports. Adult-use sales totals are now back on track to meet the state’s annual revenue projections of $76 million for fiscal year 2023 after a slow start earlier in the year.
When the adult-use cannabis market launched in the state in December 2022, the state had imposed an advertising ban on cannabis dispensaries; however, that ban was lifted in June and led to an 11% increase in adult-use cannabis sales that month, the report says.
Cannabis Control Commission Chair Kim Ahern told NBC 10 News that while she believes allowing advertising is playing a role in the sales increase, she also attributes the growth to “getting the general message out” about a safe and regulated market.
Rhode Island regulators have yet to award 24 retail licenses and once those licenses are active, officials expect sales will increase. In all, the state will allow a total of 33 adult-use cannabis licensees, which both officials and business owners hope will prevent the industry oversaturation that’s occurred in neighboring Massachusetts. Officials plan to begin issuing those licenses next year.