Recreational Weed Outshines Medical Cannabis In Connecticut: Who's Benefitting From Record Sales?

Connecticut's recreational cannabis market officially rolled out in January. Some four months later, sales outpaced medical marijuana for the first time, reaching $11.5 million in May.

Over the month, medical marijuana purchases amounted to $11.2 million, reported Marijuana Moment, citing the Department of Consumer Protection data.

Medical cannabis patients purchased a total of 312,758, as compared to 292,054 products purchased by those enjoying recreational marijuana.

The agency said that "preliminary data does not include taxes collected at the point of sale on adult-use transactions and is subject to further review by the department," adding that "medical marijuana patients do not pay taxes on the purchase of their medicine."

Since its inception in January, recreational cannabis sales have been strong, with $251,276 worth of weed sold only on the first day of legal sales.

These Marijuana Companies Benefit From Record Sales

Companies like Verano Holdings Corp. VRNO VRNOF and Curaleaf Holdings Inc CURLF are taking their fair share of the burgeoning market as they are among the cultivators producing cannabis for the state's recreational market.

Verano, which entered Connecticut in 2021 via the acquisition of Caring Nature, LLC and Connecticut Pharmaceutical Solutions, Inc., has seen an uptick in financial results due to the change in the regulatory landscape statewide.

Other multi-state operators that have a presence in Connecticut, like New York-based Acreage Holdings, Inc. ACRHF and Florida's  Trulieve Cannabis Corp. TRUL TCNNF spent a significant amount of money on lobbying in the years leading up to legalization.

Their lobbying seems to be paying off, as Acreage recently kicked off adult-use cannabis operations at The Botanist dispensary in Danbury, while Trulieve opened a new dispensary in Bristol earlier this year.

Photo: Courtesy of geralt and Kindel Media by Pixabay