Leisure pot sales begin in Rhode Island

Licensed adult-use cannabis sales began Thursday in Rhode Island, just six months after Gov. Dan McKee signed legislation legalizing recreational marijuana for adults 21 and older. Five stores began selling adult-use cannabis on Dec. 1, with additional licensed retailers expected to begin operations in the coming weeks.

The five retailers that started selling adult-use cannabis Thursday were all already licensed to sell medical marijuana to patients registered with the state’s medical cannabis program. By the end of next month, two more so-called hybrid retailers will add recreational marijuana sales to their existing medical cannabis businesses.

Last week, the governor marked the imminent launch of adult cannabis sales as the December 1 launch date drew near.

“This milestone is the result of a carefully conducted process to ensure our state’s entry into this emerging market is done in a safe, controlled and equitable manner,” McKee said in a Nov. 22 statement from the governor’s office. “It’s also a win for our nationwide economy and our strong, locally based cannabis supply chain, which consists of nearly 70 licensed growers, processors and manufacturers in addition to our licensed compassion centers. In closing, I thank the leadership of the General Assembly for adopting this practical implementation framework in the Rhode Island Cannabis Act and look forward to continuing our work together on this issue.”

Recreational marijuana legalized in May

Matt Santacroce, head of the Rhode Island Office of Cannabis Regulation and interim deputy director of the Department of Business Regulation, noted the speed with which state regulators approved the start of recreational marijuana sales after McKee passed legislation legalizing cannabis in May signed for adults.

“We have been pleased with the quality and completeness of the applications we have received from the state’s compassion centers and we are proud to begin selling adult-use products in Rhode Island just six months after the signing of the Cannabis Act, which is the fastest phase of implementation in the Northeast,” said Santacroce. “We look forward to continuing to work with the state’s cannabis business community to ensure this critical sector of the economy scales in compliance with state regulators’ rules and regulations.

State officials do not expect cannabis use to increase, as medical marijuana has been legal since 2006 and recreational cannabis is available in neighboring states.

“It’s a great opportunity for Rhode Island residents to purchase safe, regulated cannabis products from the convenience of their own city or area of ​​the state,” Santacroce told the Boston Globe. “If you’re used to driving to Massachusetts or wherever, you can save time and gas. We will generate state and local tax revenues that did not exist before. And we have the opportunity to create value in our market, in our industry and in our supply chain. That’s a big deal.”

Under state law, adults are permitted to smoke cannabis anywhere tobacco smoking is legal, unless use poses potential harm to children. The law, passed in May, also includes provisions to eliminate past cannabis possession offenses that are no longer legal under current law are illegal.

Recreational weed taxes total 20%

Taxes on recreational sales include a 10% state cannabis use tax in addition to the 7% state sales tax, plus an additional 3% local tax for the city or county where the sale occurs. Taxes on sales of recreational marijuana are expected to generate approximately $15 million in tax revenue in the first full fiscal year of sales. State officials estimate that sales of regulated marijuana will generate approximately $7.5 million in state excise tax revenue, $5.2 million in state sales tax revenue and $2.2 million in local excise tax revenue.

Cannabis retailer Mother Earth Wellness in Pawtucket opened three hours earlier than its normal 8:00 a.m. opening hours to make a leap on the first day of legal recreational marijuana sales, and became the recreational marijuana store’s first transaction Called at 5:18 a.m. Pharmacy by mid-morning about 300 customers visited the pharmacy, of which about 80% were leisure shoppers.

“We had a very successful day,” Joe Pakuris, co-owner of Mother Earth Wellness, told the Associated Press. “I think it was a smooth transition and the state did an excellent job in rolling out this program. Everything is great.”