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January 22, 2024

CT records $144.6M in recreational cannabis sales in 2023

PHOTO | CONTRIBUTED A customer purchases cannabis at Fine Fettle's Stamford dispensary.
Click below to see which municipalities have banned cannabis dispensaries. 
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Connecticut tallied $144.6 million in recreational cannabis sales in 2023, according to new estimates from the state Department of Consumer Protection.

Combined with medical marijuana sales, legal cannabis retailers in the state produced $274 million in revenue in 2023, DCP figures show.

Retailers recorded more than $17.1 million in recreational cannabis sales in December, a new monthly high since the market launched on Jan. 10, 2023.

Coinciding with the increase in adult-use sales, medical marijuana sales continue to be lower than they were earlier in 2023, totaling $10.3 million in December.

The average price of a cannabis product has dropped in both markets since last year’s recreational industry launch.

The average price for both medical and adult-use products was $34.95 in December. During the month, medical marijuana patients purchased 291,113 products and adult-use customers bought 453,944 products.

Tax collection data

During the first 11 months of operation, the state collected $13.8 million in excise tax revenue from the adult-use cannabis market, according to new data from the state Department of Revenue Services. Including regular sales tax, Connecticut has collected $21.7 million in total taxes from recreational cannabis sales through November.

Each adult-use cannabis purchase carries a 6.35% state sales tax, 3% municipal tax, and between 10% to 15% of additional state cannabis tax based on THC content.

Since the adult-use market launched, 19 new recreational and hybrid retail dispensaries have opened, according to DCP. A new cultivator, micro-cultivator and two delivery service companies have also been fully licensed.

An additional 94 provisional licenses have been issued across all license types, DCP said.

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