Some state political leaders hoped to avoid the challenging task of getting to a balanced budget without the additional $21.8 million in new revenue from Gov. Gina M. Raimondo’s plan to legalize adult recreational marijuana use.
They told her not to include it, but she did so anyway in part to encourage discussion of an issue the state can’t stick its head in the sand on and hope it goes away.
It’s in that spirit that PBN on Feb. 26 hosted its first The Business of Cannabis Summit. The biggest takeaway from a panel featuring banking, accounting, legal and human resources experts is that legalization of adult use in R.I. is a matter of when, not if.
And neighboring Massachusetts, where adult use is already legal, offers a window on what to expect.
Keynote speaker Steven J. Hoffman, chairman of the Bay State’s Cannabis Control Commission, offered advice for regulators and businesses. Interestingly, he also noted that despite $79 million in new tax revenue in the first year, the issue remains as controversial in Massachusetts as it is here and most other states.