MMJ Business Solutions
RHODE ISLAND CLASS B DUAL LICENSE
This opportunity includes a Class B Dual license that allows for cultivation and manufacturing. In addition, this license allows for 10,000 sq/ft of cannabis production space. Other non-cannabis spaces do not count towards the allotted square footage.
Rhode Island a currently a limited license state, and there is a moratorium on the issuance of new cultivator licenses for at minimum two years after the new cannabis commission has been formed, confirmed and has promulgated new regulations. This statute allows existing cultivators to establish themselves within the market until any new cultivation licenses are issued. Class B Cultivation licenses are the only cultivation licenses that can grow at 10K sqft. Also you can construct a double decker grow and go to 20K sqft. the footprint just has to be 10K sqft.
The recent passing of the Rhode Island Cannabis Act, recreational sales will begin on December 1st, 2022.
There are six new retail licenses that have been awarded and an additional 24 are to be awarded in the near future.
Limited License State
There are ONLY 21 other Class B licenses is the state of Rhode Island. A very high percentage of these licenses are single-tier HPS facilities and outdated with inefficient technology. Many of these facilities are in aging buildings not suited for cultivation, adding to the challenge of producing cannabis that passes Rhode Island’s stringent testing requirements
This company has built a small and efficient 1200 sq ft place card holder where the license currently
operates. The intention was to secure the license and operate with a positive cash flow until the
market dictated a need for further buildout and expansion.
The leased facility sits on 10 acres of buildable land with an amicable landlord, allowing the option to build a new structure on the property.
This could be an ideal location to build a brand new best-in-class facility. We believe that a new best-in-class facility would be crucial in order to compete in a recreational marketplace.