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Rhode Island to launch adult-use cannabis market

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Rhode Island's long-awaited adult-use marijuana sales finally materialized on Thursday, ahead of neighboring Connecticut, which aims to open its market by the end of the year, a timeline that could be pushed back to 2023 due to regulatory-related delays and setbacks. Rhode Island's rapid rollout (lawmakers approved recreational sales only six months ago) presents some technical challenges, but also some budding opportunities for pharmacies and providers to recapture business lost to neighboring Massachusetts over the years. Adult cannabis sales in Rhode Island are expected to reach $80 million in the first year and $300 million by the fourth year, according to projections from MJBizDaily. The market will launch in 33 of the state's 39 cities, or nearly 85 percent. The state will allow up to 33 adult-use marijuana stores, which must pay a 3 percent local tax and a 10 percent retail excise tax on recreational marijuana sales.

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