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According to a report by LAW360, data released by the Connecticut Department of Consumer Protection shows that since January 2023 when recreational marijuana sales were allowed in Connecticut, its revenue has exceeded that of medical marijuana for the first time in May.
According to the Connecticut Department of Consumer Protection, sales in the state's recreational marijuana market last month totaled $11.5 million, while sales of medical marijuana reached $11.2 million.
Image source: LAW360
In the same month, the quantity of products purchased by medical marijuana patients exceeded that of recreational marijuana consumers - the medical market sold 312,758 products, while the recreational market sold 292,054 products.
The organization stated that the average price for medical marijuana products in May was $35.86, while the average price for recreational marijuana products was $39.47.
Image source: LAW360
A spokesperson for the Connecticut Department of Consumer Protection explained that the term "product" refers to "items packaged and sold by the manufacturer, such as pre-rolled cigarettes, vases, food packaging, e-cigarettes, etc. The specific types of products vary based on the packaging methods used by the manufacturer.
The sale of recreational marijuana in Connecticut began in January of this year. The majority of retail marijuana sales outlets in the state also serve as distributors for medical marijuana, as newly licensed recreational marijuana stores are still in their early stages of development.
According to data from the Connecticut Consumer Protection Department, the total sales of medical and adult-use marijuana in Connecticut for the first five months of this year amounted to $98.2 million.
During this period, retail sales of products across various pharmacies amounted to approximately $43.4 million while medical marijuana sales amounted to approximately $54.7 million.
Connecticut's legislative body recently passed a bill (H.B. 6699) that includes various reforms to the state's retail marijuana market. These reforms now impose the same regulations and restrictions on the marijuana ingredient, THC, from enticing marijuana sources, as they do on adult-use marijuana products.
The legislative body also passed a separate bill (H.B. 6700) allowing licensed marijuana producers to convert their licenses to cultivate marijuana.
Reference:
In May, retail sales of marijuana in Connecticut surpassed the sales of medical marijuana.
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