Virginia

insights

February 19, 2021
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. Rumors dog the good news, suggesting the first adult-use sale won't occur 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. Virginia's Governor Ralph Northam (D) is pushing to legalize adult-use in 2021.

Notable Market Activity

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


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 with one golden ticket left as they move towards adult-use legalization.

Market Snapshot

This Data Point

58,380

This Data Point

58,380

This Data Point

58,380

This Data Point

58,380

This Data Point

58,380

This Data Point

58,380

This Data Point

58,380

This Data Point

594/273

By The Numbers

Population

~8.5MM

Medicinal Legalization

2018

Adult-Use Legalization

N/A

MMJ Patients

~7K

Monthly Revenue

~$100K

Cultivation Cap

No Limit

Cultivation Licenses

4/5 (Issued/Limit)*

Retail Licenses

4/5 (Issued/Limit)*

Retail License Cap per Operator

1

Vertical Integration

Required

Delivery

Not Allowed

MMJ Qualifications

Highly Restrictive

State Population / # Retail Licenses

MMJ Patients / # Retail Licenses

~2K

*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
Shit We Don't Know

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