Marijuana Business Factbook 2019

Marijuana Business Factbook 2019 Chapter 2 | State-By-State: Legal Overview, Market Data and Outlook 154 © Copyright 2020, Marijuana Business Daily , a division of Anne Holland Ventures Inc. You may NOT copy this Factbook, or make public the data and facts contained herein, in part or in whole. For more copies or editorial permissions, contact CustomerService@MJBizDaily.com or call (720) 213-5992, ext. 1. RHODE ISLAND Medical continued BUSINESS TAXES & FEES Application Fees Dispensaries: $250 Cultivators: $5,000 License Fees Dispensaries: $250,000 (valid for two years) Cultivators (annual license fee): Class A: $20,000 Class B: $35,000 Class C: $50,000 Class D: $80,000 State tax requirements 7% sales tax plus 4% dispensary surcharge on revenues State tax collections in 2018 $1,527,637 collected in 2018 in dispensary surcharges; sales tax revenue not currently tracked SUPPLY CHAIN DYNAMICS Dispensary structure Not-for-profit Number of businesses allowed Dispensaries: 3 Cultivators: No limit, though the program temporarily closed cultivator license applications beginning January 2019 Number of businesses operating in early 2020 Dispensaries: 3 Cultivators: 52 Weighted average price per pound of marijuana $2,542 MARKET OVERVIEW Number of registered patients 17,915 (down from 18,728 in late 2018) Estimated 2019 MMJ sales via dispensaries $50 million-$65 million (up from $40 million-$45 million in 2018) SUMMARY