RI Senate considers marijuana taxation bill

Regulating medical marijuana

Regulating medical marijuanaThe Rhode Island Senate Committee on Judiciary is scheduled to hold a hearing Tuesday on a bill that would regulate and tax marijuana similarly to alcohol. It will take place following the Rise of the Senate in Room 313 of the Rhode Island State House.

 A bipartisan group of 13 sponsors, lead by Sen. Joshua Miller (D-Cranston), Chairman of the Senate Committee on Health & Human Services, is supporting S2379 the Marijuana Regulation, Control, and Taxation Act. The measure would allow adults 21 years of age and older to possess up to one ounce of marijuana and grow one mature marijuana plant in an enclosed, locked space. It would create a tightly regulated system of licensed marijuana retail stores, cultivation facilities, and testing facilities and charge the Department of Business Regulation with creating rules regulating security, labeling, and health and safety requirements. It would establish wholesale excise taxes at the point of transfer from the cultivation facility to a retail store, as well as a special sales tax on retail sales to consumers. The legislation could generate approximately $21 million to $82 million in annual revenue each year, according to a report released in April by OpenDoors.

Click here to read the legislation’s full text.

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