USVI Cannabis on Island Time? What To Do While Waiting
Gearing Up For Cannabis in The U.S. Virgin Islands
We can’t believe 2024 is starting to slowly wind down (October?! How did it get to be October already?) and while this year has proven to be a wild one for cannabis (Rescheduling! Kentucky! Minnesota! Delaware!) there’s still more exciting cannabis developments on the horizon. And what a better time to start gearing up for the cooler months of the years than turning attention towards the Caribbean and the U.S. Virgin Islands.
The New USVI Cannabis Program
The Virgin Islands Cannabis Advisory Board (VICAB) has approved regulations outlining requirements for its new adult-use cannabis program. Of note, these regulations outline requirements for six cannabis business license types. Each licensed application would require extensive business and operational plans with licenses being awarded based on merit with highest scoring applicants being awarded the license.
Available Business Licenses
The six cannabis licenses include:
- Cultivation
- Manufacturing
- Dispensary
- Testing facility
- Research & development
- Micro-Cultivation
With the merit-based requirements in line and with no lottery component, (different than across recent state cannabis programs such as Kentucky or Delaware) it will be imperative for prospective applicants to submit only the best materials. This means air-tight business plans and a level of expertise in the program and marketplace they’re about to hopefully be entering.
Still Waiting On Details – An Estimated Application Timeline Is Here
We still don’t have details that we’re waiting for. However, we do at least have a timeline. The VICAB has released an estimated timeline for their cannabis licensing program and application window(s).
- November 4, 2024: Micro-Cultivator Applications open (rolling applications)
- November 12, 2024: Laboratory Testing Applications open
- November 20, 2024: Research and Development Applications open
- December 20, 2024: Dispensary Applications open (45-day window)
- January 7, 2025: Manufacturing Applications open (45-day window)
- May 2, 2025: Cultivation Applications open (45-day window)
Required Business Plans and Supporting Documents
Additionally, details for the plans themselves are in short supply as of this writing. But we do know that this application will be an extensive one. Below are all of the documents required. Cannabis business applicants will need to submit at least:
- Fingerprint and background check information
- Business formation documentation and structure
- Possession of the proposed licensed premises
- Detailed diagram of the proposed licensed premises
- Emergency Response Plan
- Business Plan
- Operations Plan
- Suitability of the Facility and Premises
- Employee Training Plan
- Security and Recordkeeping Plan
- And more!
Looking to Win A USVI Cannabis License? Here’s What To Do Now
That’s a lot of documents. So, what all can you be doing now to prepare for a cannabis license in the U.S. Virgin Islands? The first step we would recommend is looking at your own business plan and strategy. Seeing how much funds will be available for you, where you may need additional resources, and strategies to raise capital.
Don’t have all those details ironed out yet? Not a problem! Our expert team of cannabis consultants at Canna Advisors is more than happy to work with you on Business Planning, Financial Modeling, and licensing pursuits for the U.S. Virgin Islands.
Don’t hesitate to reach out to us directly or book an hourly consultation to see how we can help you and your cannabis business flourish.