If you are interested in getting involved in the cannabis industry in Virginia as a business owner, there are a lot of things that you need to know. First, the legislation we currently have is subject to reenactment by the General Assembly in 2022. So some of the advice you receive now from industry professionals will change next year. However, some advice is universal. After all, we have now been able to watch multiple states come online and legalize marijuana either medicinally, recreationally, or both. Virginia does not have to reinvent the wheel entirely.
For instance, there are things that you want to be doing right now in order to position yourself to be able to take advantage of the market at the moment that it fully comes online. Real estate is, and will be, king. If you are looking to open a dispensary, you need to know if your jurisdiction will even allow recreational marijuana in its borders. Virginia currently has a very specific opt-out provision for retail that localities may be taking advantage of over the next year. In addition, you need to make sure that your chosen location meets all of the requirements set forth in the legislation and forthcoming regulations. Virginia also has severe square footage limitations for dispensaries that want to operate in the recreational space.
You want a law firm that can not only navigate the real estate market in this emerging industry, but ensure that your business is compliant with state and local laws and regulations. Call us today to get a consultation on these and other cannabis-specific strategies for your business.