Rhode Island

insights

June 23, 2022
Notable Players
No MSOs currently

A Deeper Look At This State

Regulatory Framework

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.


What's the Play?

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.

Market Snapshot

This Data Point

58,380

This Data Point

58,380

This Data Point

58,380

This Data Point

58,380

This Data Point

58,380

This Data Point

58,380

This Data Point

58,380

This Data Point

594/273

By The Numbers

Population

~1.1MM

21+ Population

~0.8MM

Annual Tourists

~
25
MM

Medicinal Legalization

2005

Adult-Use Legalization

2022

First Adult-Use Sales

Pending

MMJ Patients

~22K

Monthly Revenue

~$6MM

Cultivation Cap

No Limit

Cultivation Licenses

67/No Limit (Operational/Limit)

Retail Licenses

3/9 (Operational/Limit)

Retail License Cap per Operator

1

Vertical Integration

Allowed

Delivery

Allowed

MMJ Qualifications

Restrictive

Adult Population/ # Retail Licenses

Accepts Out of State MMJ

Yes

MMJ Patients / # Retail Licenses

~7.3K

Top Cultivators

Notable Market Activity

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Proprietary Sharp Capital Advisors data - compiled using various sources including state and local government data

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