Rhode Island

insights

October 20, 2023
Notable Players

A Deeper Look At This State

Regulatory Framework

Adult use sales were legalized on May 25, 2022 and the first adult-use sales began on December 1, 2022. During that time, it was announced that Rhode Island would expand the number of retail licenses from 9 to 33. Of the additional 24 licenses to be issued, 6 will go to social equity applicants. Kimberly Ahern, The head of the Cannabis Control Commission (CCC), hopes that they will begin issuing more licenses in 2024.

While there is no limit to the number of cultivation licenses the state will issue, they have not issued a new license since early 2022, and have yet to accept an application since 2020. A 2-year moratorium will go into effect following the final issuance of the CCC's rules and regulations. The CCC was established in June 2023.

Notable Market Activity

August 2021 | Green Thumb Industries completed its acquisition of 4 dispensaries for $69MM

What's the Play?

Adult use sales began in December 2022 and brought $7.4M in sales, a big rise from a month prior which saw $4.6MM in sales. The state has continued to see growing interest ever since with sales reaching $9.5MM in July 2023.

With the current hold on new license issuances, operators in the state have found themselves resting on a gold mine. With just 7 stores accounting for almost $10MM in monthly sales, Rhode Island operators are well above national sales norms.

Slow regulation changes will make it hard for any MSO to enter in the near term, but long-term opportunities should still be monitored. If any operator can be so lucky as to obtain one of the few retail licenses that will come available, it's safe to say they will enter an attractive market.  

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

2022

MMJ Patients

~11K

Monthly Revenue

~$9.6MM

Cultivation Cap

No Limit

Cultivation Licenses

60/No Limit (Operational/Limit)

Retail Licenses

7/33 (Operational/Limit)

Retail License Cap per Operator

1

Vertical Integration

Allowed

Delivery

Allowed

MMJ Qualifications

Restrictive

Adult Population/ # Retail Licenses

114.3K

Accepts Out of State MMJ

Yes

MMJ Patients / # Retail Licenses

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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