Investor Presentaiton
The Rhode Island Cannabis Act (cont.)
Domain
Taxation
Social Equity and Criminal Justice
MMP Reforms
Key Provisions
Introduces a 20 percent total tax on retail sales: 7 percent Rhode Island state sales tax; 10 percent state cannabis excise tax;
3 percent local cannabis excise tax.
3 percent local tax distributed by the state to municipality where transaction occurred.
Total tax rate roughly in line with current tax structure in Massachusetts.
Reserves 2 licenses in each zone for social equity applicants and worker-owned cooperatives, respectively.
Legislation defines social equity applicants broadly as applicants who have a.) been disproportionately impacted by criminal
enforcement of marijuana laws, including individuals and/or their immediate family members convicted of nonviolent
marijuana offences; or b.) applicants with ownership/control by individual(s) who have resided five of the past ten years in
"disproportionately impacted areas."
Leave significant discretion to Commission rules/regs to hammer out the details of these definitions and qualifications.
Sets up a process for quasi-automatic expungement of nonviolent marijuana offenses through the Judiciary.
Eliminates statutory fees for patient registration and plant tag registration
Prohibits the allowability of out-of-state patient cards at RI compassion centers (on hold pending Commission action)
|
17
RHODE
ISLANDView entire presentation