Notable Players

A Deeper Look At This State

Regulatory Framework

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. Any plans to roll out adult use sales though have been put on pause as Governor Glenn Youngkin (R) took office in 2022 and has stated he will not support any legislation that aims to legalize the sale of adult use cannabis. As of today, adults 21 and older may legally possess up to one ounce in public but are not allowed to purchase it for recreational use. While adult use sales are prohibited, individuals are allowed to grow up to four cannabis plants in their homes.

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.

Notable Market Activity

July 2022 | Verano Holdings announced plans to acquire Pharmacann Virgnia (MedMen) for $5MM

May 2021 | GTI announced plans to acquire Dharma Pharmaceuticals

June 2020 | Virginia striped financially troubled MedMen of its license for not moving forward on its Staunton-based location

September 2019 | Jushi acquired 62% of Virginia-based pharmaceutical processor Dalitso

What's the Play?

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 but with caution as legalization attempts have stalled.

Market Snapshot

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By The Numbers



21+ Population


Annual Tourists


Medicinal Legalization


Adult-Use Legalization


First Adult-Use Sales


MMJ Patients


Monthly Revenue


Cultivation Cap

No Limit

Cultivation Licenses

4/5 (Operational/Limit)*

Retail Licenses

21/30 (Operational/Limit)*

Retail License Cap per Operator


Vertical Integration



Not Allowed

MMJ Qualifications

Highly Restrictive

Adult Population/ # Retail Licenses


Accepts Out of State MMJ


MMJ Patients / # Retail Licenses

*There are four vertically integrated licenses issued, with each license able to open six dispensaries for a maximum of 30 dispensaries total.

Top Cultivators

Notable Market Activity

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Proprietary Sharp Capital Advisors data - compiled using various sources including state and local government data

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