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Connecticut Dispensaries Sold $23.9 Million Worth Of Cannabis In April 2024

Legal cannabis dispensaries in Connecticut sold roughly $23.9 million worth of cannabis products in April 2024 according to new government data. The April sales total included both recreational and medical cannabis sales.

April’s sales figures in Connecticut were $704,619 less compared to March 2024 – a 2.85 percent decrease. The month-to-month decrease in overall sales revenue occurred despite Connecticut dispensaries selling more overall units of recreational cannabis products in April compared to March (407,170 units versus 394,413 units, respectively).

“Despite an increase in the number of recreational cannabis products sold, recreational revenue took an even bigger dip than medical, dropping $422,583.92 from $16 million in March to $15.6 million in April. The average price per gram of cannabis in Connecticut decreased in April from $12.51 to $12.11.” stated CT Insider in its initial reporting.

On June 22, 2021, Gov. Edward “Ned” Lamont signed S.B. 1201. The “Act Concerning the Equitable and Responsible Regulation of Cannabis” legalized cannabis for adult-use in Connecticut. Connecticut was the 19th state in the U.S. to adopt a recreational cannabis legalization measure.

The first legal adult-use cannabis sale occurred in Connecticut on January 10, 2023. Industry regulators in Connecticut reported more than $250,000 in sales generated during the first seven hours alone on opening day. Connecticut’s adult-use industry generated $24,613,367 in tax revenue in 2023.

On June 1, 2012, Gov. Dannel Malloy signed HB 5389 which made Connecticut the 17th state to adopt a medical cannabis legalization measure. The Connecticut Department of Consumer Protection adopted formal rules for the state’s medical cannabis program in September 2013.

The United States adult-use cannabis industry has generated over $20 billion in total tax revenue since the first legal recreational cannabis purchase was made in Colorado on January 1st, 2014 according to a new report by the Marijuana Policy Project.

“Through the first quarter of 2024, states have reported a combined total of more than $20 billion in tax revenue from legal, adult-use cannabis sales. In 2023 alone, legalization states generated more than $4 billion in cannabis tax revenue from adult-use sales, which is the most revenue generated by cannabis sales in a single year.” the Marijuana Policy project stated in a press release.

Total legal cannabis sales in the United States are expected to reach $31.4 billion in 2024 according to a recent analysis by Whitney Economics. Additionally, leading cannabis jobs platform Vangst, in conjunction with Whitney Economics, estimates that the legal cannabis industry now supports 440,445 full time-equivalent cannabis jobs in the United States.

Whitney Economics also projects the following legal cannabis sales figures in the United States for the coming years:

  • 2024: $31.4 billion (9.1% growth from 2023)
  • 2025: $35.2 billion (12.1% growth from 2024)
  • 2030: $67.2 billion
  • 2035: $87.0 billion

The emerging legal cannabis industry in the United States is projected to add roughly $112 billion to the nation’s economy in 2024 according to a newly released analysis by MJBiz Daily. The projection is part of the company’s 2024 MJBiz Factbook.

“The total U.S. economic impact generated by regulated marijuana sales could top $112.4 billion in 2024, about 12% more than last year,” MJBiz stated in its initial reporting.