On May 23, 2018, we published revised versions of our Privacy Policy and User Agreements. Please read these updated terms and take some time to understand them. Your use of our services is subject to these revised terms.
Yes, I Agree.

420 with CNW — Rhode Island Medical Cannabis License Applicants Await Lottery to See Who Will Run New Dispensaries

The state of Rhode Island plans to open up six new medical cannabis dispensaries, adding to the three dispensaries that already exist in Portsmouth, Warwick and Providence, which were launched in 2013 and 2014.

In an effort to promote price competition and improve accessibility for patients, the new cannabis dispensaries will operate in six different locations around the state. The state’s administration has suggested that the six dispensary licenses be awarded through a lottery, in an attempt to keep political influence and favoritism out of the selection process.

Twenty-eight businesses have filed applications for a chance to manage one of the six new medical cannabis dispensaries. Among them is Perfect Union, a cannabis company based in California. Perfect Union has 14 stores located between Sacramento and Los Angeles, and another six stores in New Mexico. The company’s Western stores sell in both the medical and recreational marijuana markets. Perfect Union CEO David Spradin noted that the opportunity to set up shop in the state of Rhode Island is a good venture.

Some of the 28 businesses submitted applications in multiple zones in order to increase their chances of winning a license, which brought the total number of applications to 45.

Many believe that obtaining one of the six licenses to sell medical cannabis in the state would ease the process of being allowed to sell recreational cannabis when and if state legislators eventually allow the sale of adult-use marijuana.

The state’s governor, Gina Raimondo, has called for legalization since 2019. Her most recent plan would have the state contracting with medical cannabis retail stores and also regulating the potency of the cannabis products sold and product prices as well. Revenue would be distributed between the hosting communities, which would receive 10%; store operators, which would receive 29% of the revenue; and the state, which would take the largest share of the revenue at 69%.

The state’s budget officials estimate that the market will bring in roughly $209.6 million in yearly sales and will have approximately 176,388 consumers in the adult-use cannabis market. With regard to medical cannabis, reports made to the Department of Business Regulation show that the state of Rhode Island made $65,190,150 in sales between January and October 2020.

The state’s Department of Business Regulation announced that the lottery would be conducted after the office had reviewed all the license applications. Eligible candidates must meet certain requirements, which include demonstrating that they have local community approval to run a dispensary and also revealing all ownership interests and investors.

Outside of Rhode Island, several companies are distinguishing themselves in the cannabis sector. For example, California-based Green Hygienics Holdings Inc. (OTCQB: GRYN) is among the top producers of USDA-certified organic hemp.

NOTE TO INVESTORS: The latest news and updates relating to Green Hygienics Holdings Inc. (OTCQB: GRYN) are available in the company’s newsroom at http://cnw.fm/GRYN

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

Do you have questions or are you interested in working with CNW420? Ask our Editor

CannabisNewsWire420
Denver, Colorado
http://www.CNW420.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CNW420 is part of the InvestorBrandNetwork.

Archives

Select A Month

Official NewsWire Relationships

Benzinga Cannabis Capital Conference Cannabis Business Summit & Expo 2019 Cannabis Drinks Expo Cannabis World Congress & Business Exposition MjMicro Conference New England Cannabis Network O'Cannabiz Conference & Expo USA CBD Expo

CannabisNewsWire Currently Accepts

Bitcoin

Bitcoin

Bitcoin Cash

Bitcoin Cash

Ethereum

Ethereum

Litecoin

Litecoin

USD Coin

USD Coin

Contact us: 303.498.7722