Virginia moves one step closer to adult-use marijuana sales launch
Virginia lawmakers on Tuesday advanced legislation that could see adult-use cannabis sales begin as soon as November.
The South’s first adult-use cannabis market moved one step closer to reality when the General Assembly passed both House Bill 642 and Senate Bill 542, according to the Virginia Mercury.
The bills are similar but differ on the date sales can begin.
The House bill proposes a launch by Nov. 1, while the Senate targets Jan. 1, with the state accepting license applications beginning in July.
The two chambers must reconcile the differences before sending a final version to Democratic Gov. Abigail Spanberger, who has vowed to sign legislation establishing a regulated marijuana market.
How many adult-use marijuana licenses will be available in Virginia?
Key provisions in the Senate bill include:
A state tax rate of 12.875%, with an additional 3% local option
Capping retail licenses at 350
Capping cultivation licenses at 450 through 2028
Cultivators would also be limited to no more than 35,000 square feet of canopy.
Consumers will be able to purchase up to 2.5 ounces of cannabis per day, and infused products will be limited to 10 milligrams per serving and 100 mg per package.
The state’s five existing medical cannabis operators may be asked to pay conversion fees to start selling to adult-use consumers, ranging from $4 million to $20 million, according to WVIR.
