Do you want to open a dispensary in Rhode Island? To start, you’ll need to apply for and win a cannabis retail license in Rhode Island. The process can be a tedious task, but we’re here to help.
In the near future, Rhode Island will issue 24 adult-use dispensary licenses to new applicants. If you’d like help with your Rhode Island dispensary application, click the button below to schedule a call.
Below are nine steps you can take to win a cannabis retail license in Rhode Island.
Cannabis Retail License in Rhode Island Application Writers
Step 1: Get to know the rules and regulations
First, it’s wise to familiarize yourself with the cannabis laws and regulations. In order to open a dispensary, you must apply and win a cannabis retail license in Rhode Island. To do this, review the Rhode Island Cannabis Act. This document is crucial to submitting a competitive dispensary application in Rhode Island because it establishes the framework and requirements necessary to ultimately win a license.
Furthermore, it’s wise to keep in mind that the State of Rhode Island Department of Business Regulation is responsible for the review of all cannabis business applications, as well as the issuance of all cannabis licenses. With this in mind, they also deem the eligibility of all applicants.
Step 2: Determine if you’re eligible to win a cannabis retail license in Rhode Island
Now that you’ve reviewed the rules and regulations, it’s time to determine if you’re eligible to win a cannabis retail license in Rhode Island. In brief, anyone over the age of 21 with no disqualifying convictions that maintain the compliance of all tax obligations is eligible. Additionally, unlike many other markets, Rhode Island does not require in-state residency to apply.
Step 3: Contact a cannabis license & application expert at Quantum 9
As you can see, there are a lot of moving parts to submitting a highly competitive and successful dispensary application in Rhode Island. That’s why Quantum 9 offers cannabis business planning and license application services. With a 91% success rate, we’ve helped thousands of entrepreneurs around the world win licenses, maintain compliance, and build their cannabis businesses from the ground up. Contact a Rhode Island cannabis consultant to start your own venture today.
Step 4: Form a cannabis business entity for your dispensary in Rhode Island
Next, you can begin to form a business entity for your cannabis dispensary in Rhode Island. For example, most applicants form an LLC or corporation. Additionally, you should note that Rhode Island allocates 25% of licenses to social equity applicants and another 25% to workers’ cooperative applicants. That said, you’ll want to form your business strategically and tactfully. This is because the structure of ownership will influence whether or not you qualify for workers’ cooperative status or social equity.
Step 5: Construct a business plan
After you’ve formed a business entity, it’s time to write a business plan. A well-crafted business plan proves to the State that your entity will maintain the safety and compliance necessary to successfully operate a marijuana dispensary in Rhode Island.
If you are unsure about your business plan, check out our marijuana business planning services. Otherwise, a strong business plan should illustrate compliance and answer the following objectives:
- A comprehensive analysis of the Rhode Island cannabis market;
- Financial statements;
- Executive summary;
- Compliant marketing strategies;
- and more
All in all, a strong business plan is crucial to the success of your cannabis business and can even help you raise capital.
Step 6: Raise capital for your cannabis retail license in Rhode Island
In general, it can be very costly to start a cannabis dispensary. From application fees, to start up costs, real estate, and even attorneys, raising capital for your cannabis retail license in Rhode Island can be a daunting task. That’s why we’re here to help you from start to finish.
Step 7: Build a team of cannabis experts
Similar to your business plan and financial status, your team is paramount to the success of your cannabis business. In other words, your team should demonstrate extensive cannabis knowledge, experience in highly regulated industries, along with other relevant expertise. Ultimately, this proves to the State that you and your team are capable of complying to all cannabis laws and regulations in Rhode Island.
Need help gathering a team? No problem. Quantum 9 offers talent acquisition services so you can have the strongest team of cannabis experts possible.
Step 8: Find a location
With your team in mind, location is vital to the safety and welfare of your dispensary and general public in Rhode Island. Additionally, you must find a location that meets all state and local requirements. That said, your proposed cannabis establishment property must prove the following:
- Is not within five hundred (500′) feet of a pre-existing public or private school providing education in kindergarten or any grades one-twelve;
- Does not allow consumption, or transfer of marijuana on or in the property;
- At lease one security alarm at each location;
- Proper geographic zoning in reference to the application process;
- and more.
Step 9: Build local support
Once you have your location, you can begin to garner local support. Moreover, you’ll specifically want support from surrounding organizations and the municipal government. These relationships take a lot of time and effort, therefore, it’s never too early to start.
Step 10: Write & submit your dispensary application in Rhode Island
At last, you can begin to write and submit your cannabis dispensary application. This requires a lot of energy, strategic thinking, and technical documentation. For example, you’ll want to include highly-detailed narratives that surround the following:
- Operating plan;
- Inventory tracking plan;
- Policy and procedure plan;
- Emergency response plan;
- Local municipal approval;
- Positive economic and public safety plan;
- and much more.
In sum, it can take thousands of dollars and hours to craft the perfect dispensary application in Rhode Island. Why risk your chances of winning? This way, you won’t need to struggle alone and you’ll get cannabis assistance from beginning to end. Reach out today and schedule a free consultation.