The Virginia Senate and House of Delegates, both under Democratic control, passed legislation on February 5, 2021 to legalize use and possession for those 21 years and older. This good news is tempered by the currently-contemplated rollout plan that will not see adult-use commercial sales until 2024.
The state allows cannabis extracts only, such as vapes, edibles, topicals, etc., limited to 10 milligrams of THC per dose. Vertical integration is required for the five licenses permitted, allowing six retail locations per operator.
May 2021 | GTI announces plans to acquire Dharma Pharmaceuticals
June 2020 | Virginia strips financially troubled MedMen of its license for not moving forward on its Staunton-based location
September 2019 | Jushi acquires 62% of Virginia-based pharmaceutical processor Dalitso
With an attractive population density like other states in the northeast, this market has real potential. The Mother of States has been given a vote of confidence by some of the largest MSOs, including Columbia Care and Jushi. Other MSOs will be looking to enter the state with one golden ticket left as they move towards adult-use legalization.
*There are four vertically integrated licenses issued, with each license able to open six dispensaries for a maximum of 30 dispensaries total.
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