The Virginia Election signals an opportunity for the legal field of cannabis

Cannabis is not the top issue for Abigail Spanberger, the next governor of Virginia.

But the election of a Democratic nominee with a liberal streak on Tuesday — and with it, hopes for the long-awaited opening of what is expected to be a billion-dollar marijuana market — is the best legislative news in 32 million years.

“The administration of Goverver-Elect Spanberger has the opportunity to do what it could not do: Implement a well-regulated cannabis market that prioritizes the safety of consumers,” said JM Pedini, director of Virginia Cornyl, which previously discussed the regulation of sales.

“The framework is already in place because of the legislative work and public input,” added Pedini.

“With the right manager to do something, the focus now shifts from planning to building a marketing plan that Virginians can trust.”

Democratic Control Means a pledge to legalize the sale of human labor in the south

Democrats in Virginia swept the field Tuesday, capturing the governor’s office and increasing their majority in the state by nearly two-thirds, the largest in decades.

That means the removal of the last and biggest obstacle that prevented the introduction of legal cannabis sales in Virginia, where cannabis has been legal for adults 21 and mostly middle-class cannabis in 2021: the Republican governor.

The outgoing Gov Glenn Jr., called the double bills that would eventually set up a controlled and sales tax, recently shot the bill that would have seen the introduction of May 2026.

Entering his chosen position, Republican Lt. The Gov.

In contrast, Spanberger has promised to work with the country’s merchants – currently gathering together another proposed sale fee – to sign the law for such a payment.

Lawmakers are expected to send Spanberger the same bill on the scale for the last two proposals.

He will be at least partially motivated to sign on by the prospect of new tax money to fill the holes left by the Federal budget cuts.

But whatever the motivation, it’s welcome news for legal cannabis users above and beyond the various marijuana operators who currently hold over a million natural cannabis permits.

How Big is the Cannabis Market?

Cannabis demand in Virginia is huge, with one estimate barking up the illegal market at $3 billion, fueled in part by high mMJ prices.

Recently, that demand has been partially filled by HEMP-based THC products, such as the popular drinks sold in wine and spirits and delivered by doordash.

How will the buyer feel will be able to be seen. Cannabis companies are eager to find out.

“We’ve played the waiting game long enough,” said Trent Woloveck, Chief Strategy Officer of MSO Huchings Inc., which operates MMJ Dispensaries in the state / hello.

“Now we have a huge public health and safety problem with all the illegal produce being sold in the Commonwealth.”

“That sets the market open very quickly.”

Virginia Medical Marijuana sales exceed expectations

With 8.6 million, Virginia is 12^th-Most US situation. It also has significant numbers of both tourists and college students, two indicators often associated with strong cannabis markets.

By state: Michigan, the most populous state with 10 million people, has the second largest legal market in the country, behind California.

The sale of medical cannabis in Virginia has already been anticipated.

The state reported nearly $30 million in sales in July and August, the first two months of state-mandated monitoring and tracking.

That would put the State on track to hit $59 million in MJBIZ TRUTH sales by 2025 before Thanksgiving.

Cannabis sales for adult use could reach $780 million in the first full year of sales and exceed $1.09 billion in the second year, according to the second book, according to the second book, according to the second book, according to the second book, according to the second book, according to the second book, according to the second book, according to the 4

But that might be a visual thing.

“There are about 9 million people, some of whom don’t have very high incomes who seem to be interested in cannabis,” said Jushi’s Woloveck.

“I think I can say hopefully it’s a $2 billion market.”

Virginia can support hundreds of adult licenses

Much of the size of the market will depend on when sales begin – and who participates.

For example, Ohio has a much larger population than Michigan. Sales topped $700 million in its first year.

According to a 2020 study commissioned by state lawmakers, Virginia can support between:

• 100 and 800 plant permits
• 30 and 150 processing or distribution licenses
• 200 600 licenses

MMJ’s Virginia market is currently limited to five companies, each assigned to a local region.

These are:

• Ayr Wellness, which is in the process of being shut out and has never opened a dispensary, according to the Virginia Cannabis Control Authority
• Jishi
• Chicago-based green thumb industries
• Cannabis Co, formerly known as Columbia Care
• Verano Holdings Corp.

Who will sell cannabis in Virginia first?

That would give lawmakers a choice.

Giving existing MMJ operators the right to change the old – and with it, the first crack in the market, as was done in Maryland, earlier this year, could satisfy the demand of buyers and shareholders of publicly traded companies.

But it can also IRK small business and social advocates who want legal marijuana to be an opportunity for those hurt by the drug war.

At a hearing in Richmond earlier this month, lawmakers on the Commission’s State of Financing Regarding the Reform of the Cannabis Retail Market heard from both sides.

For some cannabis advocates, who find the initial news more important than ensuring legal legal sales can begin soon.

“It is my job to make sure that the consumers are prioritized, not any business interest, and Norml has been clear that our view is that the sale should start immediately,” said Pedini of the organization.

It doesn’t matter who is first, “This is an exciting day for the industry,” said Ryan Hunter, senior manager of Revenue at Colorado-based Extrusion Company Sysethex, which is considering expansion into other states such as Virginia.

“Virginia is a market where the governor has been resisting the will of the legislature and the election for years,” he added.

“Now the recognition has come.”

Chris Roberts can be reached at chris.robert@mjbizdaily.com.