Virginia lawmakers in the House and Senate passed identical bills on Wednesday seeking to establish a regulated adult-use cannabis market in the state, the Marijuana Moment reports.
Under the legislation, hopeful cannabis entrepreneurs can submit applications for cannabis cultivation, processing, retail, and testing operations starting September 1, with the legal market set to open for business in May 2025. Under the proposal, cannabis products would be taxed up to 11.625%.
Lawmakers had previously considered competing cannabis sales proposals but they compromised and consolidated the proposals, dropping provisions that would have reserved space in the adult-use industry for the state’s existing medical cannabis operators, some hemp companies, and equity-focused microbusinesses.
Del. Paul Krizek (D), co-sponsor of the House version of the bill, said the proposal would establish Virginia’s adult-use cannabis market in a “responsible and thoughtful way,” the Associated Press reported.
“And we’ve done so because it’s time to give Virginia’s $3 billion illicit market a run for its money. And it’s time to give Virginians access to a safe, tested and taxed product.” — Krizek, via the AP
Virginia Gov. Glenn Youngking (R) has historically disapproved of expanding cannabis reforms in the state and has not yet signaled whether he would sign or veto the proposal.
Virginia, which was the first southern U.S. state to legalize cannabis, adopted its legalization policy in 2021 but stopped short of establishing a regulated marketplace.
Get daily cannabis business news updates. Subscribe
End