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Dallas-based specialty cake company Nothing Bundt Cakes opened its first Rhode Island location on Division Street in East Greenwich two weeks ago, with an official ribbon-cutting scheduled for May 1. Owner Jake Williams cited the area's small-business culture and community as draws. The bakery offers handcrafted bundt cakes for pickup or delivery.
The Rhode Island Cannabis Control Commission suspended its retail license lottery after U.S. District Judge Melissa DuBose issued an April 8 order temporarily halting the process. Three federal lawsuits challenge the state's requirement that all cannabis license holders be majority owned by Rhode Island residents, arguing it violates the Dormant Commerce Clause. DuBose found plaintiffs likely to succeed on the merits. The commission is appealing and legal strategy remains confidential as litigation continues.
LRT Company fully subscribed its $20.55 million Delaware statutory trust offering for a 50-year triple net ground lease on 14 acres in Coventry. The site will host Tiffany Laurel Reserve, a 204-unit senior housing campus with independent living, assisted living, and memory care. The project includes low-income units and is expected to total 157,000 square feet with structured parking.
Rhode Island's publicly traded companies outperformed alongside broader market gains over the past year. Citizens Bank rose 81.6 percent, United Natural Foods 94 percent, and Hasbro 80 percent. CVS Health, Textron, Washington Trust, and AstroNova all posted gains, while Bally's fell 29 percent. The Nasdaq rose 48 percent and the S&P 500 33 percent over the same period.
Rhode Island issued 3,778 building permits across all municipalities in the past year, the highest level since the 1980s, according to the state's Executive Office of Housing's April 15 integrated housing report. Despite the surge in new construction, the affordability of existing housing stock remains a critical concern for the state.
A federal judge issued a preliminary injunction halting Rhode Island's process for awarding 20 new recreational cannabis dispensary licenses after lawsuits challenged the state's requirement that 51 percent of dispensary businesses be owned locally. License applicants and cultivators say they are losing money waiting to learn if they can open, and frustration with the Cannabis Control Commission is mounting.
Electric Boat plans to hire 8,000 workers by the end of 2026, with 3,000–3,500 new jobs at its Quonset Point facility in North Kingstown. The hiring push follows a $15.38 billion Navy contract to expand Virginia-class and Columbia-class submarine production. Electric Boat's Director of HR reported the company is already ahead of pace on hiring goals in Rhode Island, where more than 8,000 workers are currently employed at Quonset.
R.I. Commerce Corp. announced it is accepting applications for two commercial improvement grant programs until May 29: the Main Street Rhode Island Streetscape Improvement Fund and the Site Readiness Program. The Streetscape fund supports projects improving appearance, accessibility, and appeal of commercial corridors, while the Site Readiness program targets site-development needs. Both are aimed at developers, nonprofits, and private entities.
Aspen Aerogels reported its East Providence manufacturing facility remains offline following an explosion on April 8, 2026, that damaged production space and injured eleven employees. The company is investigating the cause (preliminary reports point to a high-temperature oven) and working with authorities on a restart plan. Aspen has business interruption insurance and expects to provide a further update in early May.
Rhode Island's publicly traded companies posted strong gains over the past year, outpacing the S&P 500's 33% rise. Citizens Bank shares climbed 81.6%, United Natural Foods 94%, Hasbro 80%, and Textron 39%. CVS Health and Washington Trust also saw double-digit gains, while Bally's declined 29%. The data covers major RI-headquartered firms including banks, manufacturers, and retailers.
Kent Hospital, part of Care New England, has begun a multi-phase campus renovation to expand clinical capacity. The project includes a new 90,000-square-foot ambulatory services facility, expansion of the cardiac catheterization suite, emergency department renovations, and a new entrance. Hospital president Carolyn Jackson cited rising patient demand as the driver for the investment.
