Medical marijuana sales in Rhode Island jumped a whopping 43% during the fiscal year that ended in June, totaling $9.6 million as the industry hit its stride.
The sales spike is tied in large part to an increase in the market base. Just over 11,600 patients are registered with the state’s MMJ program, up about 8% from early 2014 and more than double the number from 2013.
The third dispensary allowed under the law also opened last November, helping boost sales totals for the industry.
Rhode Island’s fiscal year runs from July 1 to June 30.
The state doesn’t track sales data but does release the amount of revenue it collects from a 4% sales tax on MMJ transactions.
In the 2013-2014 fiscal year, Rhode Island brought in $269,156 in medical cannabis taxes, which comes out to a little over $6.7 million in sales. In the most recent fiscal year, the state collected $385,724 in MMJ sales taxes, according to the Providence Journal.
The first two dispensaries opened in Rhode Island in the spring of 2013.