Rhode Island became the 19thThe tenth the state to legalize adult marijuana use last month when Governor Dan Mackie put pen to paper and signed the Rhode Island Cannabis Law In law. The new law allows 24 new retail licenses to be issued in six geographic areas in Ocean State. Sales are expected to start as early as December 2022.
Some of the highlights of the legislation include:
- Cannabis will be subject to a 20% tax rate, broken down into a 7% sales tax, a new 10% tax on cannabis, and a 3% tax by the municipality in which the marijuana is sold.
- The bill allows growing indoors, with a maximum of 6 plants (and a limit of 3 mature plants) per adult over 21 years old.
- Those age 21 or older will be able to purchase and possess up to one ounce of cannabis.
- Any civil violations, misdemeanors or criminal convictions of cannabis possession that are now legal by law will be expunged from court records.
- Localities will be allowed to ban adult use of cannabis by voter ballot, but they cannot ban sales of adult use if the area already allows the sale of medical cannabis.
- Existing medical dispensaries will be able to co-exist as an adult user. The state will add 24 more retail licenses, bringing the total number of storefronts to 33.
- Rhode Island aims to reserve 25% of new retail licenses for social justice applicants, along with a portion of the fees collected by the state that goes to the Social Equity Fund.
The Cannabis Regulatory Office Responsible for the licensing and regulatory oversight of sympathy centers, growers and co-ops, and oversight of medical marijuana plant labeling requirements. It is also responsible for the licensing and regulatory oversight of industrial hemp growers and handlers, retailers, and consumer CBD distributors.
As of this writing, Rhode Island Issued nine licenses to sell hemp-derived expendable CBD products and five licenses to distribute hemp-derived expendable CBD products.
Rhode Island lawmakers legalized medical marijuana in 2006 due to then-Governor Donald Carseri’s veto, making it 11The tenth state to do so. The Rhode Island Department of Health Medical Marijuana Program Reviews and approves requests from patients, caregivers, and authorized purchasers, while Business Organization Department Responsible for licensing and regulatory oversight of growers, cooperative farming, the state’s medical marijuana plant tracking system and compassion centers.
Under the new law, existing medical marijuana dispensaries in Rhode Island will be able to move to mixed stores that sell medical marijuana and those used for adults. Certified blended liquors can begin growing and manufacturing cannabis for adult consumers beginning August 1.
To gain approval for medical marijuana use, a patient must be treated for the following conditions.
- autism spectrum disorder
- cachexia, or wasting syndrome
- Cancer or cancer treatment
- Glaucoma or glaucoma treatment
- Hepatitis C or hepatitis C treatment
- Seizures, including but not limited to those characteristic of epilepsy
- Severe, debilitating, or chronic pain
- severe nausea
- Severe and persistent muscle spasms, including, but not limited to, characteristics of multiple sclerosis and Crohn’s disease
- Alzheimer’s disease-related agitation
- Post-traumatic stress disorder (PTSD) (for patients 18 or older)
Rhode Island four Licensed Compassionate Centers:
- Thomas C Slater Compassion Center
- Greenleaf Compassionate Care Center
- Summit Sympathy Medical Center
- Dba Sweetspot Plant Care Clinic
A Sympathy Center license may be obtained by a not-for-profit corporation to obtain, possess, grow, manufacture, deliver, transport, transport, supply, or distribute marijuana to eligible registered patients and registered primary care providers.
Public companies operating in Rhode Island
The cannabis market in Rhode Island is small but is expected to grow with the addition of adult cannabis. The following public companies own a stake in the area.
On January 4, 2019, Vireo Health is now Good Growth Collectibles (CSE: GDNS) (OTCQX: GDNSF) Completed 100% Acquisition of High Gardens, Inc. , which has licenses to grow and distribute cannabis in Rhode Island. The assets at the time consisted of Rhode Island issued medical cannabis licenses according to Canapys Media.
In August 2021, green thumb industries (Custom Search Engine: GTII) (OTC: GTBIF) closed on deal For CanWell Processing and Mobley Pain Management and Wellness Center. Both companies own stakes in Summit Sympathy Medical Center, a nonprofit dispensary in Warwick, Rhode Island. “This acquisition provides immediate scope within a limited licensing market and sits squarely on our open and broadly open strategy to expand access to luxury through cannabis,” said Green Thumb founder and CEO Ben Kovler. Green Thumb has one of the few vertical licenses available, along with one of three existing retail locations.
Subsidiary growth generation (NASDAQ: GRWG), the largest chain of garden centers specializing in hydroponic and organic farming, operates one of 63 locations in Rhode Island. In February 2022, the company I got the assets of Horticultural Rep Group, Inc. It is an organization specializing in the marketing and sales of horticultural products and is headquartered in Ogden, Utah.
In 2021, the population of Rhode Island was about 1.1 million, so it is not expected to be a large market for cannabis. 2021 figures on medical cannabis use by patients and caregivers It can be found here. According to an industry update on May 26 by Alliance Global Partners, the market could reach $400 million at maturity.
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