Taxes on recreational marijuana sales are expected to generate about $15 million in tax revenues in the first full fiscal year of sales. By the end of next month, two additional so-called hybrid retailers will add recreational marijuana sales to their existing medical cannabis operations. State officials project regulated marijuana sales to generate about $7.5 million in state excise tax revenue, $5.2 million in state sales tax revenue, and $2.2 million in local excise tax revenue. Licensed sales of adult-use cannabis began in Rhode Island on Thursday, only six months after Governor Dan McKee signed legislation to legalize recreational marijuana for adults aged 21 and older. Taxes On Recreational Weed Total 20% Taxes on recreational sales include a 10% state cannabis excise tax in addition to the 7% state sales tax, plus an additional 3% local tax for the city or town in which the sale takes place.
Licensed sales of adult-use cannabis began in Rhode Island on Thursday, only six months after Governor Dan McKee signed legislation to legalize recreational marijuana for adults aged 21 and older. Five stores began selling adult-use cannabis on December 1, with more licensed retailers expected to begin business operations in the coming weeks.
The five retailers who launched adult-use cannabis sales on Thursday were all already licensed to sell medical marijuana to patients registered with the state’s medicinal cannabis program. By the end of next month, two additional so-called hybrid retailers will add recreational marijuana sales to their existing...
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