Rhode Island Cannabis Real Estate & Regulations
Zoned Properties in Rhode Island
Population:
1.096 million (2021)
Local Zoned Broker:
Affiliated Partnerships Available
Number of Retail Licenses:
33 (As of June 2023)
Licensing Status:
Awarding licenses since 2022
Legal Status:
Recreational
Cannabis Sales:
$16.6 million (Adult Use Gross Sales since Legalization)
License Dynamic:
Limited
Delivery Allowed:
No
Drive Thru Allowed:
No
Secure Rhode Island’s Finest Compliant Zones For Cannabis Operations Today!
Are you looking to venture into the lucrative world of Cannabis real estate but struggle to navigate the complexities of this rapidly expanding industry? Are you facing challenges in identifying suitable locations, finding the right property, or securing profitable investment opportunities? We’re here to ease that burden.
It is frustrating and financially draining to search for Cannabis real estate. We know because we do this for hundreds of clients in different cities and states.
Finding properties that meet state and local zoning regulations while also providing a business-friendly environment in your desired location sounds far-fetched. Don’t worry; we know how to bring it to fruition fast.
Here’s how we help you:
Site Identification
We will save you from the frustration and labor of finding compliant property and ensuring it is primed for business growth and success. We do the heavy lifting to allow you to focus on the core aspects of your business.
Brokerage
Whether you’re buying, selling, leasing, or renting Cannabis real estate properties, our specialized brokers will connect you fast. We will connect you with buyers, sellers, lessees, or lessors, offering the perfect Cannabis real estate tailored to your needs.
Investment
We have first-hand access to the most profitable real estate properties in Rhode Island, especially through our other services. We conduct intensive risk assessments, market analysis, and profitability tests to guarantee impressive ROI on your investment.
Ready To Invest In Cannabis Real Estate In RI?
The Cannabis landscape in Rhode Island is promising. With sales growing up to 58% in just the first four months, the industry is projected to become one of the fastest-growing, which is why this is the best time to invest in Cannabis real estate.
If you’re eager to capitalize on the growing market and harness the immense growth potential, it’s time to consider investing in cannabis real estate in the Ocean State. With our expert guidance and tailored solutions, we’ll help you navigate the intricacies of this dynamic industry and position you for long-term success.
Don’t miss out on the chance to be a pioneer in the thriving cannabis market of Rhode Island. Invest wisely; invest in cannabis real estate with us.
Rhode Island Cannabis Regulations
State Cannabis Overview: Rhode Island became the eleventh state to legalize the use and sale of medical Marijuana in 2006. The state also became the 19th to legalize the sale, cultivation, and use of recreational Cannabis on May 26, 2022.
Recreational Cannabis sales began in December 2022. Since then, the market has seen a consistently increasing growth rate. The market started at $3.4 million in December 2022, growing up to 58 percent in three months to $5.4 million in March 2023.
Licensing: Rhode Island, through the state’s Cannabis Control Commission, started awarding licenses in 2022, with provisions made for only 33 licenses, nine of which are already functional. To qualify for license approval, Cannabis operators must pass a background check, be at least 21 years old, comply with zoning regulations, and pay a non-refundable application fee.
Rhode Island has made provision for only four types of Cannabis business licenses, including the following:
- Hybrid Cannabis retailer license (sells medical and recreational Marijuana)
- Cannabis cultivator license
- Cannabis testing laboratory license
- Cannabis product manufacturer license
The annual license fee is set at $30,000 for retail businesses.
Local Authority: Although the state government permits municipalities to opt out of the Cannabis program, many have opted in with strict regulations on how business operations will take place within their jurisdictions.
Some regulations that local municipalities can make include zoning restrictions and limitations, building structure, operating hours, and manner of operation.
Let’s help you beat the hassle and buy into profitable real estate properties in RI. Send us a message today! Or call: 18773608839
Median Age: 40 years
Median Income: $33,799
Regulations last updated as of: August 2023
Have any Questions?
What is the size of the Rhode Island cannabis market?
As a smaller state with a population of around 1.1 million, the cannabis market in RI is more limited in scale. However, Rhode Island has seen steady growth in its cannabis industry since the legalization of medical cannabis in 2006. It is estimated to be in the range of several hundred million dollars annually.
Rhode Island’s cannabis market presents opportunities for entrepreneurs, investors, and businesses looking to establish a presence in the local industry.
It’s worth noting that the recent legalization of adult-use recreational cannabis in Rhode Island is expected to expand the market further and drive additional growth in the coming years.
What are the Rhode Island cannabis dispensary zones?
The state has approved the sale of recreational Cannabis in six geographic zones, including the following:
- Zone 1: Glocester, North Smithfield, Burrillville, Cumberland, Smithfield, Woonsocket
- Zone 2: Lincoln, North Providence, Central Falls, Johnston, Providence
- Zone 3: West Greenwich, West Warwick, Coventry, Foster, Scituate
- Zone 4: East Greenwich, North Kingstown, Warwick Cranston
- Zone 5: Narragansett, Richmond, South Kingstown, Charlestown, Exeter, Hopkinton, Westerly
- Zone 6: Jamestown, Little Compton, Middletown, Barrington, Bristol, East Providence, Newport, New Shoreham, Pawtucket, Portsmouth, Tiverton, Warren
Is the cannabis industry still profitable?
Despite some challenges and fluctuations in the market, the overall profitability of the cannabis industry remains strong. Various factors contribute to its profitability, including increasing consumer demand, expanding legalization efforts, and evolving regulatory frameworks.
The industry has witnessed substantial revenue growth over the years, driven by both the medical and adult-use cannabis markets. Additionally, as more states and countries legalize cannabis, new market opportunities emerge, creating a favorable environment for businesses and investors.
Still have questions? Contact us
Disclaimer: The information provided on this website does not, and is not intended to, constitute legal, financial, or other professional advice. All information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information. This website may contain links to other third-party websites. Such links are only for the convenience of the reader, user or browser; Zoned Properties does not recommend or endorse the contents of the third-party sites.
Sources:
https://en.wikipedia.org/wiki/Cannabis_in_Rhode_Island
https://dbr.ri.gov/office-cannabis-regulation
https://www.riaclu.org/en/know-your-rights/know-your-rights-recreational-marijuana-ri#:~:text=On%20May%2025%2C%202022%2C%20The,of%20marijuana%20for%20recreational%20purposes.
https://cannalawsolutions.com/rhode-island-cannabis-retailing-license/#:~:text=Under%20the%20provisions%20of%20the,retail%20licenses%20in%20Rhode%20Island. (Number of licenses)
https://www.jdsupra.com/legalnews/ocean-state-cannabis-update-municipal-7092070/
https://dbr.ri.gov/sites/g/files/xkgbur696/files/2023-04/March%2023%20Website%20data.pdf (Total sales published to date)
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