Rhode Island Sets New Monthly Record with $7.11M in Adult-Use Cannabis Sales

LOS ANGELES- Rhode Island’s adult-use cannabis market continues its upward trajectory, hitting a new monthly sales record of $7.11 million in September. This surge in sales has placed the state back on course to meet its ambitious annual revenue target of $76 million for the fiscal year 2023, as reported by NBC 10 News.

Despite a subdued initiation to the year, the lifting of an advertising ban in June breathed new life into the market. This decision, which permitted cannabis dispensaries to advertise their products and services, resulted in an immediate 11% boost in sales for that month. The ban had been in place since the market’s inauguration in December 2022.

Cannabis Control Commission Chair, Kim Ahern, in her conversation with NBC 10 News, remarked that while the revival of advertising undoubtedly played a significant role in propelling sales, it was equally essential to communicate the presence of a safe and meticulously regulated market to the public.

In a move anticipated to further bolster the market, Rhode Island regulators are in the process of issuing 24 additional retail licenses. Upon activation, these licenses are expected to drive a considerable uptick in sales figures. By the end of this expansion phase, the state will have approved a total of 33 adult-use cannabis licensees. This calibrated growth strategy has been carefully designed to steer clear of industry oversaturation, a challenge that neighboring Massachusetts has grappled with. Official sources confirm that the new licenses will be granted starting next year.

The state’s strategic approach to cannabis legalization and market growth, combined with effective communication about safe and regulated consumption, is clearly paying off. It remains to be seen how these decisions impact Rhode Island’s cannabis landscape in the long run.