Rhode Island will open its $120 million legal cannabis market to new retailers for the first time since the legalization of adult marijuana use.
According to Providence Journal, the Rhode Island Marijuana Control Commission will accept applications for the new marijuana storefront through its online portal.
The report said the state will have no more than 24 new licenses.
in:
- Six are reserved for social equity applicants.
- Six are reserved for workers-owned cooperatives.
The permit will also be evenly distributed through six geographical areas.
New Cannabis Retail License Available in Rhode Island
Although Rhode Island legalizes recreational marijuana in 2022, no new retail license has been issued in the past three years.
After legalization, the Commission needs time to develop rules, regulations and procedures for evaluating and distributing licenses.
Since then, seven dispensaries that have obtained the sale of medical marijuana have been allowed to sell adult marijuana when it starts sales in December 2022.
Sales for adult use are expected to reach $120 million this year, according to MJBIZ Factbook.
Rhode Island’s medical and recreational marijuana sales have reached $79.1 million as of August, according to state data.
The state began accepting applications for social rights retail licenses in August.
These permits are designated for people affected by the cannabis ban or for businesses in areas disproportionately affected by the drug war.
Social equity applicants in Rhode Island must have 51% of their business and have had residents in designated “disproportionately affected areas” for at least five years in the past 10 years.
