Connecticut sees $25 million of legal cannabis sales in October

In a sign of the growing importance of the sector as a key emerging risk, consumers in the US State of Connecticut bought nearly $25 million worth of legal cannabis in October.

The Department of Consumer Protection has released preliminary data on adult-use cannabis and medical marijuana sold for the month.

Sales for the adult-use market exceeded $14.7 million in sales for the month while sales for medical marijuana exceeded $10.1 million.

Adult-use sales began on Jan. 10. See how those sales compare by month since:

The state Department of Consumer Protection said the average product price for medical marijuana patients was $36.43 in October, while the average price of adult-use products was $37.61.

More than half, 51% of sales, were for usable cannabis, or flower. Vapes made up 31 percent of sales and edible products represented 11 percent of sales.

Cannabis continues to be an important growing industry in North America, and a key emerging risk for the property casualty (re)insurance market.

To date, the recreational use of cannabis has been legalised in 24 states, three US territories, and D.C. Another seven states have decriminalised its use. 

Commercial distribution has been legalised in all jurisdictions where possession has been legalised, except for Virginia and D.C.

Some cannabis-derived compounds have been approved by the US Food and Drug Administration  (FDA) for prescription use. Cannabinoid drugs which have received FDA approval are Marinol (THC), Syndros (THC), Cesamet and Epidiolex (CBD). 

For non-prescription use, CBD, delat-8 THC and other naturally-occurring cannabinoids derived from industrial hemp are legal and unregulated at the federal level, though legality and enforcement varies by state.