Virginia: Opportunities to Apply for a Cannabis Business License

Virginia: Opportunities to Apply for a Cannabis Business License

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NOVEMBER 6TH, 2020

The state of Virginia legalized Medical Cannabis for any persons with a condition diagnosed by a licensed practitioner. Registered Patients may purchase cannabis extract containing at least 5 milligrams of CBD or THC-A and no more than 10 Milligrams of THC per dose, in products such as oils, capsules, lozenges, patches, lollipops, sprays, creams, gels, troches, suppositories, and inhalation products. Cannabis is a natural plant-based form, such as flower is not allowed for sale. According to Marijuana Business Daily’s 2020 Marijuana Business Factbook, Virginia’s medical cannabis market is expected to reach around $10 million in sales in 2021.

Medical Cannabis in Virginia

In 2017, Virginia enacted a law that would allow patients suffering from intractable epilepsy to access CBD or THC-A oil. In 2018, House Bill 1251 was signed into law expanding the state’s Medical Cannabis program now allowing any medical condition certified by a licensed practitioner to qualify. This law went into effect in July 2019 and qualifying patients are now able to enroll in the state’s program with the Board of Pharmacy.

The Virginia Board of Pharmacy granted five conditional licenses in 2018, to open medical cannabis dispensaries in five health regions in the state. Out of 51 applicants, the five applicants chosen included: PharmaCann Virginia, PharmaCann Virginia, Dalitso, Dharma Pharmaceuticals, Green Leaf Medical of Virginia, and Columbia Care.

In April 2020, Senate Bill 976 was passed into law to expand the state’s medical program, allowing for an additional 5 licenses to be awarded.

Upcoming Opportunity to Enter the Virginia Cannabis Market

As of September 25, 2020, the Board of Pharmacy issued a Request For Applications to award a Pharmaceutical Processor License in health Service Area 1. Applications are due December 4, 2020, by 2:00 pm EST.

If you are interested in applying for a Virginia Cannabis Business License and need more information or help, contact us by emailing info@thecannabisbusinessadvisors.com.

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