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Beginning in December, adults in the state of Connecticut will be allowed to buy up to one-half an ounce of cannabis in one retail transaction. This comes after the state doubled its purchase limit from quarter of an ounce of marijuana.
The state’s Department of Consumer Protection announced the scheduled increase last week, explaining that it was the result of a continuing analysis of demand and supply and was designed to make certain businesses maintain sufficient supply for both medical cannabis patients and adult-use consumers.
It should be noted, however, that the limits imposed on medical cannabis remain unchanged.
The state department’s commissioner, Bryan T. Cafferelli, added that as more production companies, retailers and other licensees in the supply chain came online, the industry’s capacity had increased. Cafferelli noted that they were confident the measured approach to recreational sales had created a healthy market for businesses as well as a fair and safe marketplace for both medical cannabis patients and adult-use marijuana consumers.
Currently, possession of marijuana in the state is capped at one and a half ounces for adults. Adults are also allowed to store no more than five ounces in a locked trunk, glovebox or a locked container in their homes. Cafferelli also highlighted that purchased marijuana needed to remain in its original packaging and be out of reach of children.
The state legalized the recreational use of cannabis via the legislature in 2021. Since then, the state has recorded steady sales. Thus far, the adult-use market has seen a number of consecutive record-setting months of legal purchases. For instance, the state recorded $10.8 million worth of medical marijuana sales and $14.4 million in adult-use sales in September.
It is important to remember that the limits imposed on the purchase of products besides raw marijuana flower are set by equivalence.
Earlier in August, the state also launched a fund to provide support to social equity cannabis businesses. The established loan program will offer financial assistance to help individuals who have been disproportionately affected by the war on drugs to expand their businesses in this burgeoning industry.
In addition, in July of this year, the state legalized home cultivation of cannabis for personal use. It also adopted tax breaks for legal marijuana businesses in the same month. This move to help businesses that cannot make federal deductions under the IRS 280E code is expected to bring in $4.7 million in industry relief for the 2024 fiscal year. Projections from the office of the governor expect this figure to increase in the 2025 fiscal year, reaching $6.2 million.
The growth that is likely to result from this recent adjustment to how much recreational marijuana adults can buy could create opportunities for many local companies to grow to the levels experienced by companies that are licensed in other jurisdictions, such as Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED).
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