Rhode Island

insights

August 11, 2021
Notable Players
No MSOs currently

A Deeper Look At This State

Regulatory Framework

The polls have shown that the majority of Rhode Island residents and Governor Dan McKee are in support of adult-use legalization.

The Rhode Island Senate recently passed a bill to legalize adult-use cannabis and now the bill is now headed to The House of Representatives for final approval. The House has until the legislative session adjourns June 30 to approve S 598. If the House does not approve the measure by the upcoming deadline, there may be special legislative session to be called so lawmakers can finalize adult-use legalization. If Rhode Island does legalize adult-use marijuana in this session, it would be the fifth state to do so in 2021, following Connecticut, New Mexico, New York and Virginia.  

The Cannabis Control Commission will be formed to regulate the legal cannabis market and new regulatory framework associated to the bill. The legalization will include a social equity component to communities that have been disproportionally impacted by cannabis criminalization, similar to other states that have recently legalized adult-use cannabis.


What's the Play?

With adult-use legalization on the horizon, a wait and see approach to The Ocean State probably makes the most sense. As with other states, we expect the current incumbents to enjoy a first mover advantage but it is unclear now how many licensed operators will ultimately be allowed.

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

Annual Tourists

~
25
MM

Medicinal Legalization

2005

Adult-Use Legalization

N/A

First Adult-Use Sales

N/A

MMJ Patients

~19K

Monthly Revenue

~$6MM

Cultivation Cap

No Limit

Cultivation Licenses

64/No Limit (Issued/Limit)

Retail Licenses

3/9 (Issued/Limit)

Retail License Cap per Operator

1

Vertical Integration

Allowed

Delivery

Allowed

MMJ Qualifications

Restrictive

State Population / # Retail Licenses

Accepts Out of State MMJ

Yes

MMJ Patients / # Retail Licenses

~6K

Top Cultivators

Notable Market Activity

Quick sentance is needed or wanted

Quick sentance is needed or wanted

Quick sentance is needed or wanted

Proprietary Sharp Capital Advisors data - compiled using various sources including state and local government data
Shit We Don't Know

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