Virginia Medical Marijuana Market
Virginia Close to Kicking Off Adult-Use Program
Though the final approval for adult-use cannabis stalled in Virginia at the end of 2023, 2024 has brought new hope to the states cannabis program and, possibly, new adult-use license opportunities. Lawmakers in both the Senate and House have passed two identical compromise bills to allow individuals to begin applying for adult use cannabis licenses by September 1, opening the adult use market in 2025.
Applications Open in Virginia’s Medical Market
Additionally, moves have been made in Virginia’s medical market to open applications for the last remaining Pharmaceutical Processor license in the state. Due April 30, 2024, the applications for Health Service Area One, will require a lengthy business plan and design plans demonstrating that your business is fit to run a cannabis facility. This licenses is expected to be extremely lucrative as HSA1 includes large cities such as Charlottesville and Buena Vista.
Prepare For A Virginia Cannabis License Now
Whether you’ve been waiting patiently for Virginia to kick of its adult use program or eyeing that last medical license, there’s no better time to start preparing your Virginia cannabis business. Our adult-use licensing consultants can guide you through important steps to take now so you are ready to apply for a license in Virginia once adult use officially goes live.
Contact our expert cannabis consultants today for help with your Virginia cannabis business.
Top Consulting Services for the Virginia Medical Marijuana Market
Cannabis Business Guidance in Virginia
Though the identical bills passed in both the House and Senate, Virginia Gov. Glenn Youngkin still has the power to veto the roll out of the adult use program. However, we're hopeful that Virginians have waited long enough for adult use sales to commence and we believe now is the time to start preparing for your cannabis license application.
Medical License Opportunity: Health Service Area One
On February 28, 2024, the Virginia Cannabis Control Authority announced application requirements and deadlines for the last available Health Service Area, which covers northwestern Virginia. This will be a competitive, scored application round requiring an extensive 50-page business plan due on April 30, 2024. This business plan will be scored on the following requirements:
- Description of proposed location
- Current finances, budget, and anticipated revenue
- Likelihood of success including preparedness, anticipated timeline, and future plans
- Cultivation plans
- Manufacturing plans
- Dispensing plans
- Quality control and compliance plan
- Security and Safety plan
50 pages may not seem like much - and that's exactly what it is - not much to prove your business is the best suited for this rare license. There is only one license available in the highly sought after HSA and you'll need every word in your business plan to demonstrate your readiness to operate. This is why it's important to partner in with expertise in cannabis business planning and financial modeling to make every page count in your application.
Contact our consultants today for opportunity assessments and hourly learning sessions with our Subject Matter Experts.
Virginia Cannabis Market Conditions
The Virginia Department of Health Professions issued a Request for Applications to operate a pharmaceutical processor in 2018. These processors are able to cultivate cannabis for the production and/or dispensing of CBD oil or THC-A oil. Pharmaceutical processor winners were announced in September of 2018. There are currently 4 medical cannabis licensees operating in the 5 available Health Service Areas, with an application window open for HSA1 until April 30th, 2024.
Three bills were passed in 2019 that expand the state's program even more:
New Products and Additional Healthcare Practitioners
New legislation allows a variety of product formulations instead of just oils, like capsules, suppositories, lozenges, topicals, and lollipops, each with up to 10 milligrams of THC. In addition, physician assistants and nurse practitioners are now permitted to issue medical marijuana written certifications once they are registered with the Board of Pharmacy.
Administering Medical Marijuana in Schools
Additional legislation benefits children who are registered medical marijuana patients, allowing them to receive their medicine from their school's healthcare practitioner. Virginia is the fourth state to allow medical marijuana to be administered to student registered patients.
Registered Agents Pickup and/or Delivery Authorization
A third bill makes it legal for "registered agents" of patients to pick up or receive medical marijuana for that patient. This addresses the issue of patient access for those who are physically unable to get their medicine, such as those who have home healthcare providers, or those living in hospice and assisted living facilities.
Adult-Use Retail Sales May (Finally) Begin in 2025
In the latest identical bills now sitting on Gov. Youkin's desk, legislation calls for the Virginia Cannabis Control Authority to begin accepting applications for adult use cannabis businesses by September 1, 2024. The bills also call for adult use sales to begin in 2025.
Should Gov. Younkin sign this into law, the race will be on to begin preparing for applications in September. From business planning to financial modeling to community impact plans, there is plenty to do now to stay ahead of the competition. Contact our consultants to get ready for Virginia's long anticipated adult use market.
Virginia's HSA I Pharmaceutical Processor License Application Timeline
- February, 2024 - Public notice
- March 20, 2024 - Board meeting
- Late March, 2024 - Cannabis Applications Due
- April, 2024 - Application Evaluations
- May 8, 2024 - License Finalists to Be Determined
- Mid-May, 2024 - Background check deadline
- Late June, 2024 - Conditional approval
A smarter, more strategic approach to Virginia medical marijuana licenses
Lean on our proven expertise and unparalleled track record to successfully secure your Virginia cannabis license.