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Virginia
Cannabis Market
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Virginia Cannabis Market At-A-Glance

Overall Rating: B-
Cannabis is officially legal in the state of Virginia starting July 1st, 2021. According to MJBizDaily, the Virginia cannabis market will need about 5 years to mature.
Medical Use: Yes
Adult Use: Yes
Market Potential
C-
There are only 5 permits available for application which create a monopoly market.
Licensing
C-
Since there are very limited permits and vertical integration comes along with the licensing process, licensing will be very competitive.
Competition
A
There will only be 5 operators to start, so competition will be low.
Tax/Regulatory Structure
B
The taxes are fairly high, there will be a state and excise tax. There is no regulatory structure put in place yet.

Virginia Cannabis Details

Population (Rank)
8,536,000
#12
Size/Density
215.7 sq. miles
#20
Medical Cannabis?
Yes
2004
Adult-Use Cannabis?
Yes
2021
2020 Medical Sales
2022 Projected Medical Sales
NA
$17,200,000
NA
2020 Adult Use Sales
2022 Projected Adult Use Sales
NA
NA
NA
Regulatory Agency
None for recreational – Virginia Board of Pharmacy for medical
https://www.dhp.virginia.gov
# of Dispensaries (allowed/issued)
5
0
# of Cultivators (allowed/issued)
5 (included with above)
0
# of Manufacturers (allowed/issued)
5 (included with above)
0
# of Testing Labs (allowed/issued)
5 (included with above)
0
Vertical Integration?
Each Pharmaceutical Processor is allowed to grow, process, and dispense cannabis oil
Residency Requirements?
NA
Social Equity?
Yes

Cannabis Taxes

Combined Tax Rate
26.3%-29.3%
Excise Tax
21%
Retail Sales Tax
5.3%
Local Sales Tax
Optional, 3%
State Sales Tax
5.3%
Cultivation Tax
NA

Licensing Fees (per year)
*Varies based on gross revenue

Pharmaceutical Processor Permit
$10,000

Application Fees

Pharmaceutical Processor Permit
$60,000
Cardholder Application
$10,000
10/09/2021

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