Eric Postow, a Virginia Cannabis Lawyer at Parlatore Law, joins Ellis Smith, Co-Founder and Chief Consultant at American Cannabis Company in Colorado, to discuss legalization, laws, and timeline for the first southern state to allow adult-use cannabis.
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Although it will be years before Virginia sees its first dispensary, business owners and entrepreneurs with plans to enter the burgeoning market need to start the process now. As two leaders in the industry, Eric Postow at Parlatore Law and Ellis Smith at American Cannabis Company share their insight and expertise into the development of this new market.
Virginia Laws Changed July 1st
As of Thursday, Virginia residents have one less reason to get arrested as adult-use cannabis laws went into effect. As the laws are written today, residents of Virginia can legally possess up to an ounce of marijuana without legal penalty. According to the state’s cannabis website, anyone over the age of 21 can also grow up to four cannabis plants for their own personal use.
However, commercial cannabis producers have a bit longer to wait, as Postow explains that the Cannabis Control Authority hasn’t yet been formed and they will ultimately set the parameters for licensing cannabis businesses. Application acceptance isn’t anticipated until mid-2022 at the earliest, and no retail businesses are expected to open until 2024.
Start Now, Do the Homework
Tune into this webinar to learn more about the Virginia market, and what to prepare for if you’re interested in entering the cannabis domain. Here are just a few of the areas Eric and Ellis cover:
- Virginia Cannabis Licensing
- The Competitive Edge in Virginia’s structure
- Vertical or Not Vertical: Deciding on business formation
- THC Limitations – What happens in a limited market?
- Municipal taxes – is there a competitive advantage regarding taxing?
- Cannabis Social Equity: Repairing Wrongs
Finally, stick around for questions from the live audience, such as:
- What will it take to make Virginia’s social equity program successful?
- Can a licensee sell their license?
- Will licensing fees change and be more affordable?