Virginia Finalizes Legalization Plan | Cannabis Industry Journal

On April 7, 2021, legislators in Virginia eventually came to an arrangement for their grownup use cannabis legalization strategy. Again in February of this 12 months, lawmakers passed a monthly bill to legalize grownup use hashish with a start date of 2024, but Governor Ralph Northam desired to transfer quicker than that.

Virginia Governor Ralph Northam
Picture: Craig, Flickr

Previous week, Gov. Northam issued a range of amendments to the legalization charges (Senate Invoice 1406 and Property Monthly bill 2312) that essentially tapers the time frame of legalization to July of this calendar year. With the legislature approving individuals amendments yesterday, the point out of Virginia has now finalized their legalization strategies, placing in motion the start of the extremely to start with lawful adult use hashish current market in the American South.

Starting July 1, 2021, Virginia will permit adults to possess up to an ounce of cannabis and up to 4 vegetation for every family. The industrial cannabis market, and the regulatory framework accompanying it, will be established to legalize product sales July 1, 2024.

The invoice establishes the Virginia Hashish Management Authority as the regulatory overall body overseeing the lawful cannabis market place. A 5-member Board of Administrators in that company will create and concern restrictions and licenses. In accordance to the monthly bill, the Board can established the selection of licenses, with a greatest of 400 suppliers, 25 wholesalers, 450 cultivators and 60 makers, apart from any medical cannabis and hemp processing license by now issued. The Board is also in cost of licensing screening labs.

Vertical integration is not permitted below Virginia’s new legalization prepare, but all of the health-related hashish licensees in the condition are already vertically integrated. In accordance to the invoice, they can keep their vertical integration for a little fee of $1 million and right after they post a range, equity and inclusion prepare.

In addition to Virginia’s ordinary 6% product sales tax, a state tax of 21% is extra to retail revenue of grownup use hashish, excluding professional medical dispensaries. Community municipalities are authorized to issue up to 3% in added taxes.