Rhode Island Celebrates $105 Million in Combined Adult-Use and Medical Marijuana Sales in the First Year of Recreational Retail

Providence, RI — In the 12 months since the launch of recreational retail sales in December 2022, Rhode Island has witnessed a thriving cannabis market, with combined adult-use and medical marijuana sales reaching an impressive $105 million, according to data released by the Rhode Island Department of Business Regulation (DBR).

The breakdown of the yearlong retail sales reveals that adult-use transactions accounted for $69.8 million, surpassing the projected $50 million in sales forecasted by the 2023 MJBiz Factbook for the inaugural year of recreational retail. Additionally, medical marijuana sales contributed $35.1 million to the overall total.

November's marijuana sales alone amounted to $9.2 million, comprising $6.9 million in adult-use sales and $2.3 million in medical marijuana transactions. Despite a 2.5% decline in combined monthly sales from October, the market reached its peak at $9.7 million in August.

Rhode Island Governor Dan McKee commended the state's “careful execution” in entering the cannabis industry, emphasizing the economic opportunities for the state and the crucial role played by the nearly 70 licensed cultivators, processors, and manufacturers in Rhode Island's cannabis supply chain.

The growth in Rhode Island's adult-use industry has been substantial throughout the year, with the state allowing marijuana advertising, albeit with restrictions, to enable retailers to compete effectively in the expanding market, as stated by the Rhode Island Cannabis Control Commission (CCC).

However, the state faced challenges related to a shortage of licensed retailers, potentially hindering early sales growth. Despite the hurdles, the success of the cannabis market is viewed as a positive indicator for Rhode Island's economy.

In a notable trend, the state's medical marijuana registered patient count experienced a significant decline following the launch of recreational sales, aligning with patterns observed in other states transitioning from medical to adult-use markets. According to the DBR, Rhode Island had approximately 10,000 registered medical marijuana patients in November, down from 15,000 in December 2022.