Rhode Island recently has reason to celebrate as Governor Dan McKee signed a bill on May 25th, 2022 to legalize adult-use cannabis within the state. The existing medical license operators will be able to obtain hybrid adult-use licenses on December 1st, 2022 when adult-use sales are set to begin. Operators will be required to pay a fee that is contributed to a social equity fund to support new social equity licenses to be issued. There will be 24 new retail licenses issued across six regions. There are more than 60 medical cultivators, those in good standing they will be able to grow for adult-use. Will be a two-year moratorium on new cultivation licenses.
With adult-use legislation recently approved, the existing medical operators will have a first mover advantage on dominating the market. Although a less-densely populated state, Little Rhody brings in roughly 20 million visitors annually, which is projected to significantly impact the cannabis economy.