Rhode Island, Michigan & Connecticut: A State-By-State Breakdown Of Cannabis Sales And Tax Revenues

In this week's cannabis sales and taxes update, Rhode Island, Michigan and Connecticut take center stage as the legal cannabis industry undergoes significant transformations.

As of the latest available data, these states have witnessed noteworthy developments.

See Also: $43B U.S. Cannabis Market By 2027 Forecast BDSA Market Analysts

Rhode Island

Rhode Island's licensed marijuana retailers set a new adult-use cannabis sales record in September, reaching $7,116,727.

However, the total sales for the month fell just short of the August record at $9.67 million due to decreased medical cannabis purchases, reported Marijuana Moment.

• Medical marijuana sales hit a record low at $2,516,624.54.
• The combined total for both medical and recreational sales in September was $9,633,351.50, just shy of the August figure of $9,672,793.26, which marked the fourth consecutive month of record sales.

Michigan

Kalamazoo County, MI, anticipated a surge in tax revenue from marijuana sales, with the 2024 fiscal year (from Oct. 1, 2023, to Sept. 30, 2024) draft budget estimating $1.75 million in income from the cannabis excise tax.

According to WKZO, these funds are distributed among local municipalities, counties, the School Aid Fund, and the state's Transportation Fund.

“The incorporation of marijuana tax revenue into the general fund pot creates a collective financial resource that is utilized across several fronts,” said public information officer Taylor Koopman.

See Also: Michigan's Cannabis Sales Hit Monthly Record, Poised To Become $3B Weed Market In 2023

Connecticut

In nine months of legal cannabis sales, Connecticut collected $3.5 million in cannabis taxes during Q2 2023, ranking fifth lowest among states.

However, this marks a significant increase from the $1.15 million collected in Q1 2023 when the state started its legal cannabis sales.

As reported by Stamford Advocate, California leads with $152.2 million, followed by Illinois, Colorado and Michigan.

As the cannabis market continues to expand several states are carving their paths within the industry. 

Want to know more? Tune in to the Benzinga Cannabis Capital Conference in Chicago. For existing subscribers, you can get direct access through our research platform. For new users, you can get instant access here! 

Read Next: Cannabis Cash Flow: CT, MI, MO & CO Top $15B In Legal Weed Sales

Image by Benzinga