Medical-pot sales in R.I. set new annual record: Almost $60 million
As the state begins taking applications this month to run six additional medical marijuana dispensaries, figures show the existing three dispensaries enjoyed another record-breaking year for sales.
For the fiscal year that ended June 31, the three dispensaries together sold about $59.7 million worth of medicinal marijuana, reports the state Department of Business Regulation.
That estimate is based on the 4% surcharge the state imposes (on top of the 7% sales tax) on dispensary purchases.
In fiscal year 2019, the dispensaries sold about $53.5 million -- which was then about $15.3 million more in marijuana sales than the previous fiscal year.
The Thomas C. Slater Compassion Center, in Providence and the Greenleaf Compassion Center, in Portsmouth, opened in 2013. The Summit Medical Compassion Center, in Warwick, opened in 2014.
They currently serve about 20,000 licensed patients, including out of state patients, though some patients also buy medicine from licensed “caregivers” or private growers.
The three dispensaries’ retail monopoly is facing a stiff challenge.
After several years of discussions about approving move dispensaries to improve access for patients, product variety and more competitive pricing, the DBR announced last week it would begin accepting applications from businesses hoping to win a license to operate one of six additional dispensaries.
The regulations call for a new dispensary in six regions around the state. Three of those regions include the communities of Providence, Warwick and Portsmouth, so those regions could eventually have two dispensaries.
The application period will run through Dec. 15 and “qualified applicants” will be allowed to enter a lottery to see which ones will win the lucrative licenses.
That lottery won’t happen until next year, DBR officials say, and winners will have up to nine months to meet all requirements prior to opening.
The new dispensaries will be retail stores only, and won’t be able to grow their own marijuana like the existing three dispensaries. At least initially.
Winners of the licenses will each have to pay Rhode Island an annual $500,000 licensing fee, considered one of, if not the, most expensive annual dispensary license in the country.
tmooney@providencejournal.com
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