Virginia passes a recreational marijuana bill that would allow current licensees to start adult use sales in September.
Previously, adult use sales would begin in 2024. However, the Virginia house of representatives must still pass the bill before recreational marijuana sales can occur.
Consequently, the state plans to charge a $6 million dollar fee for each marijuana processor, and a $500,000 fee for hemp processors planning on entering the market early. With these fees, the state will offer social equity operators benefits for establishing a license in the industry. For example, social equity applicants will have the opportunity to apply for a loan program. Specifically, the loan program will aid social equity applicants with licensing fees and operational funding to enter the market.
The Virginia Department of Health Professions will publish additional information on the recreational marijuana program as it becomes available.
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