Cannabis Sales Surpassing Expectations in Connecticut. Just six months since the initiation of adult-use marijuana in Connecticut, the state witnessed nearly $24 million in total cannabis sales in June.
This was a new record high, as reported by the Department of Consumer Protection (DCP). This brings the cumulative total of cannabis sales since January to an impressive $122 million.
June was also the second consecutive month where adult-use sales, at $12.5 million, outpaced medical marijuana sales, which came in at $11.3 million. In total, consumers purchased 313,510 recreational cannabis products, compared to 303,293 medical cannabis items.
Cannabis Trends: Flower Leads the Pack
As per data released by the DCP, the majority of cannabis sales – 53%, to be exact – were attributed to cannabis flower. Vape products followed, accounting for 25% of sales, and edibles came in third, making up 10% of purchases.
The DCP clarified that the initial data excludes tax collections on adult-use transactions and may be revised after further review. They reminded that medical marijuana patients are not subject to taxes on their medication purchases. The DCP also issued a reminder for adults consuming cannabis to do so responsibly, ensuring that products are stored securely and out of the reach of children and pets.
Cannabis Evolution: Medical to Adult-use Transition
Connecticut seems to be mirroring trends seen in other states that have legalized marijuana, with a gradual decrease in the medical market as the adult-use sector grows and matures. While in March, Connecticut saw roughly $22 million in cannabis sales, the primary driver was still medical cannabis at that point.
From July 1 onwards, adults 21 years and older in Connecticut have been granted the right to grow their own marijuana for personal use, as a new provision of the state’s cannabis legalization law takes effect.
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Legislative Updates: Cannabis Laws and Reforms
In anticipation of this new law, the DCP issued a public notice outlining the rules for personal cultivation of cannabis and encouraging responsible practices. Additionally, Governor Ned Lamont recently approved a budget bill that includes tax relief measures for licensed marijuana businesses, currently ineligible for federal deductions under IRS code 280E.
Last month, Governor Lamont also signed a comprehensive cannabis bill that includes various reforms such as off-site event permits for marijuana retailers, restrictions on intoxicating hemp-derived products, and the creation of a new Office of the Cannabis Ombudsman.
Criminal Justice Reforms: Expungements & Decriminalizations
The Connecticut House of Representatives passed a bill in May that further builds on the state’s marijuana legalization and expungements law. It calls for courts to reconsider sentences or dismiss charges related to a broader range of cannabis-related convictions, leading to the potential release of those currently serving time on such charges.
Lastly, the state government has been proactive in facilitating mass cannabis conviction relief. In January, Governor Lamont announced the clearance of nearly 43,000 records for marijuana-related convictions. Furthermore, Connecticut prosecutors in April dismissed over 1,500 pending marijuana cases and modified about 600 others, as part of the state’s post-legalization criminal erasure program.
What Else In The USA?
The U.S. is also contemplating stricter AI chip export restrictions to China, potentially affecting tech giants Nvidia and AMD. This potential policy change could significantly shift their business strategies. If you want to read more about this checkout the article at wealthyvc.com!
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