Rhode Island is opening up to more cannabis business. At present there are just 3 licensed medical marijuana dispensaries in the state. A new budget plan now being considered by the state legislature would allow for the licensing of 6 additional licenses for vertically integrated companies to cultivate, manufacture and sell cannabis at retail stores to serve the 18,200 registered MMJ patients in the state.
Cannabis cultivators in Rhode Island have been keen on the state licensing more MMJ dispensaries. But they complain that the new plan will stifle competition by concentrating the cultivation and sale of cannabis products in the hands of just 9 companies.
It’s also going to be a costly proposition. Under the state’s current budget plan, the annual licensing fee for MMJ dispensaries will double, to $500,000. MMJ already has proven to be a money maker for the state, with the state expecting $6.26 million in fees and taxes from MMJ dispensaries this fiscal year.
There is a pressing need for MMJ dispensaries serving patients in Rhode Island to have access to modern methods of payment acceptance, like credit and debit cards. Fortunately, Paybotic is on the case. Our point of banking solution allows state authorized MMJ dispensaries to accept card payments, just like any other business.
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