Virginia Adult-Use Cannabis Might Soon Be A Reality

All Eyes On Virginia’s Upcoming Election

With the gubernatorial race in full swing, everyone is eager to see what’s in store for the Virginia. This year’s election could have far-reaching consequences across Virginia’s existing (but stalled) adult-use cannabis market, potentially bringing substantial business opportunities to the commonwealth.

 

Legal Virginia Cannabis Exists – Without A Program

Out of all the states, perhaps none have been as hotly anticipated and long awaited for their adult-use cannabis rollout as has been the case in Virginia. That’s because Virginia has technically legalized adult-use (recreational) cannabis sales but there’s currently no program in place and no adult-use retail sales have occurred.

Multiple attempts during current Governor Glenn Youngkin’s tenure have been made to formally begin adult-use sales and start issuing licenses, but nothing has come to fruition. Youngkin has vetoed legislation to get things moving repeatedly, leaving cannabis in limbo in the state for years. That may finally change this November.

 

Leadership Change Could Finally Lead To Adult-Use Sales

Democratic gubernatorial candidate Abigail Spanberger has voiced her support for cannabis and received an A-rating from the cannabis advocacy group NORML. Spanberger is also ahead in the polls. With the stars seemingly aligning, now we can look at Virginia with a sense of optimism and start identifying what to do now to prepare for a hopefully green future in this southern state.

 

 

Virginia Cannabis Entrepreneurs: 3 Areas To Start Planning Now

Hopeful for change in Virginia and the actual development of a adult-use cannabis program? So are we. That’s why we’re encouraging prospective cannabis businesses to start planning now before the race to win licenses even begins. Our decades experience across a number of competitive cannabis states has shown us that programs can develop on-the-fly with little to warning. Being ahead of the game now can put you well ahead of the competition later and allow your cannabis business plan to pivot with any last-minute program requirements.

Here are three areas prospective Virginia cannabis businesses should be planning now:

 

1) Financial Modeling

One of the most recurring surprises people face when gearing up to launch a cannabis business is the cost associated with it. Yes cannabis can be a lucrative endeavor when done right, but the costs are very much there, just like with every other business.

Critical financial modeling, especially early, can set apart those who know what they are doing and how to plan and budget accordingly versus those who are flying by the seat of their pants or just guessing costs. This can also be essential as part of an application process as more and more applications require robust financial modeling such as the Virgin Islands and Nebraska. We anticipate the same with Virginia.

 

2) Business Development & Strategy

Often working hand in hand with financial modeling, business planning can be crucial to understanding the ins and outs of your own cannabis business operation. This can offer SWOT analyses, target marketing and market assumptions, along with brand development.

We at Canna Advisors can assist with all your cannabis business planning and financial modeling needs to wow any prospective investor and win over regulatory agencies. This will help you be in a strong position to answer any questions someone may throw at you when preparing to launch your operations.

 

3) Vendor Identification

As you get ready to launch, you will have countless cannabis and non-cannabis vendors to work with. This includes everything from security, legal services, accounting, real estate, technology, and more. Even if you don’t have everything lined up yet for operations, now is a good time to begin identifying vendors you will need and rely on so once a license is issued, you can hit the ground running.

After working across cannabis programs in nearly every state in the country, we’ve learned that capitalizing on the first mover advantage is often paramount to initial success and solidifying your brand dominance in a market. It never hurts to be overly prepared so identifying vendors and starting at least conversations with folks you will hopefully working with is paramount to early successes in a timely launch.

 

 

Ready to Start? Canna Advisors Can Develop Your Business Now

Prospective entrepreneurs have plenty to do now that the Virginia cannabis market is back in the limelight and the gubernatorial race is heating up. The most successful cannabis businesses are the ones who can act quickly effectively, and have a thoughtful plan in place. Now is the time to begin assessing your chances in what is likely to be an exceptionally strong performing cannabis state.

Even months ahead of the election, now is perfect time to reach out to Canna Advisors and see what we can do to help you and your prospective Virginia cannabis business. Our team of seasoned cannabis consultants have years of both national and local business expertise and are ready to help streamline your Virginia cannabis business from idea to plan to license to launch.

Contact us directly or book an hourly consultation and let’s build the Virginia cannabis market together.