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Virgnina Medical Cannabis License Solutions
The Cannabis License Experts team will help you to get your Virginia growers license faster and with an unmatched success rate. Having to repeat your Virginia cannabis dispensary License application process will set your business back by months and significantly impact your earnings potential. Let us show you how we’ll help you on your path to a Virginia Cannabis License and much more by booking your free consultation today.
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Market Overview
On April 7, 2021, Virginia became the first state in the South to begin the process of legalizing adult-use cannabis in Virginia. With newly legalized recreational operations added to this existing medical state, Virginia cannabis is a promising new market in the Southeastern US. Although several MSOs have already established a presence, there is exponential room for Virginia cannabis growth to newcomers of this regulated new Virginia cannabis market. Lawmakers narrowly approved compromise legislation legalizing a commercial recreational marijuana program that could generate nearly $1.5 billion in annual sales over the next five years. However, the commercial Virginia cannabis market isn’t scheduled to launch until 2024. Current legislation also emphasizes Virginia cannabis licensing opportunities for small and minority-owned local businesses. Initially, Virginia cannabis products were limited to cannabis oils, edibles, and vape cartridges with single doses capped at 10 milligrams of THC. On July 1st, 2021 smokable cannabis products in Virginia became legal however the dispensing of all products is prohibited until Jan 1, 2024 except to medically Virginia cannabis licensed patients from pharmaceutical processors.
Book a free consultation today to learn more about how Cannabis License Experts can assist you and your team on the path to licensure in the Virginia cannabis market.
Book a free consultation today to learn more about how Cannabis License Experts can assist you and your team on the path to licensure in the Virginia cannabis market.
Licensing Requirements, Timelines, and Selection Processes for the Virginia cannabis market
Prior to approving adult-use regulations, Virginia cannabis had an existing medical cannabis program with its first medical dispensary opening in August of 2020. Virginia’s cannabis’ medical pharmaceutical processor program is only authorized to permit five companies to cultivate, process, and dispense medical cannabis to registered patients. Four of the health service areas have a permitted pharmaceutical processor dispensing medical cannabis. The application period for Virginia cannabis licensing has closed. The Cannabis Control Authority and Virginia Board of Pharmacy overseas cannabis programs and licensing for the state.
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Virginia Cannabis Financial Requirements
Common for most jurisdictions as a mandatory component of the Virginia cannabis application is the requirement for a minimum amount of liquid cash on hand. This ensures that applicants have the financial wherewithal from the licensing process through to the initial 2-5 years of operation. General requirements for Virginia cannabis license applications include bank statements, CPA letters, Letter of Credit, or similar documentation. Additionally, a 2-3 year Pro Forma is also submitted as a component of the formal Business Plan. Fees may vary depending on the type of business and your Virginia cannabis application status.
The financial requirements for obtaining a pharmaceutical processor license was significant due to the license size and limitation on license quantities under this fully vertical system. It is anticipated that the Virginia cannabis adult-use program will have less barriers to entry when it comes to capital requirements as the license types are activity based. It is also anticipated that a social equity program will create paths to licensure for qualified applicants however the specific details are unknown at this time.
The financial requirements for obtaining a pharmaceutical processor license was significant due to the license size and limitation on license quantities under this fully vertical system. It is anticipated that the Virginia cannabis adult-use program will have less barriers to entry when it comes to capital requirements as the license types are activity based. It is also anticipated that a social equity program will create paths to licensure for qualified applicants however the specific details are unknown at this time.
Virginia Cannabis License Types
Subject to reenactment next year, the legislation agreed to by the conference committee would impose a ceiling on Virginia cannabis licenses across the different sectors of the industry. It is anticipated that the initial Virginia cannabis licensing will take place in 2023 ahead of the program starting in 2024.
- Virginia cannabis Retail stores: 400
- Virginia cannabis Wholesalers: 25
- Virginia cannabis Manufacturing facilities: 60
- Virginia cannabis Cultivation facilities: 450
| Basic Demographic Information | ||
|---|---|---|
| Resources include the US Census Bureau, City-Data.com, and any additional relevant resources. | ||
| Total # of Counties | 95 | |
| Total # of Cities | 38 Cities; 191 towns | |
| Population in 2019 | 159,428 | |
City of Alexandria
37
Median Age
$103,284
Medial Income
$572K
Median Home Price
$1780/Month
Fair Market Rent
Virginia Beach
37
Median Age
$80K
Medical Income
$296K
Median Home Price
$1363M
Fair Market Rent
449,974
Country Population in 2019
Virginia Cannabis Business Climate
Overall, the majority of the state has embraced the formal legalization of Virginia cannabis for both medical and recreational use. With few notable exceptions, licensing of all Virginia cannabis operations continues to be moving at a reasonable pace.
Virginia earned high marks in education, workforce, access to capital, business friendliness and the general health of its economy, but came middle-of-the-pack for the cost of living and doing business. A strong workforce and a solid education system, access to capital, and cost of living keep Virginia competitive as a place to do business.
Virginia earned high marks in education, workforce, access to capital, business friendliness and the general health of its economy, but came middle-of-the-pack for the cost of living and doing business. A strong workforce and a solid education system, access to capital, and cost of living keep Virginia competitive as a place to do business.
Real Estate & Zoning
Consideration for regional and local zoning with regard to allowed proximity to certain business types, schools, and other prohibited areas. The Cannabis Control Authority was recently formed on July 1st, 2021. The CCA will adopt final regulations for zoning and application processes in 2022 at the earliest with a target date of January 1st, 2024 for retail sales to begin in the state.
The current legislation does lay out a few key points that could affect site selection.
The current legislation does lay out a few key points that could affect site selection.
- Local Municipalities will not be able to outright ban the existence of cannabis facilities in their jurisdiction
- Retail facilities are limited to 1,500 sqft
One-Stop Business Solutions Provider
When you partner with CLE, you are able to leverage our proven knowledge and best industry resources to provide you a complete Cannabis Business Solution.
- LICENSING
- REAL ESTATE SEARCH
- DESIGN & BUILD
- SECURITY
- DIGITAL MARKETING & DEVELOPMENT
- EQUIPMENT TENDERING
- INTELLECTUAL PROPERTY PROTECTION
- Banking & Insurance
- Merger & Acquisitions
- Private Label Manufacturing
- Micro-Grow Franchising
- Human Resources
Frequently Asked Questions
Who regulates cannabis in Virginia?
Virginia’s recently approved adult-use cannabis legislation authorizes the creation of the Cannabis Control Authority (CCA). The CCA’s creation is solely for the purpose of regulating the adult use cannabis market. Previously, the medical cannabis program in Virginia had heavy oversight and regulation from the Virginia Department of Health Professions Board of Pharmacy.
Are edibles legal in Virginia?
It is anticipated that edibles will be available in Virginia for adult-use once this program launches in 2024. Currently registered medical cannabis patients can buy edibles from licensed cannabis dispensaries.
When will sales of cannabis be available for those 21 and older?
As of July 1, 2021 the possession of up to one ounce of cannabis for personal use became legal in Virginia however the sale of cannabis and cannabis derived products will not be permitted before January 1st, 2024.
When can I apply for an adult use cannabis facility license in Virginia?
With sales beginning in early 2024, it is anticipated that the application period for adult-use cannabis facility licenses will become available 2nd or 3rd quarter of 2023. To get assistance with preparing your business for this application process please book a consultation with the Cannabis License Experts team.
Don't Know Where To Begin? Get Started Now
Applying for a Virginia Cannabis License and unsure where to start?
Virginia’s adult-use cannabis program does not go into effect until Jan 1, 2024, with licensing to commence shortly before that date. Now is the time to get ahead of the process by defining your business. CLE can develop a preliminary business and feasibility plan to help give an understanding of business viability within the Virginia cannabis market and give you a head start in this process.
In order to get started, reach out to one of our regulatory experts today to learn more about Cannabis Business Solutions.
