The Virginia Legislature introduced HB 2373 which legalizes recreational marijuana and establishes a regulatory framework for the licensing and oversight of marijuana cultivators, retailers, processors, testing labs, transporters and microbusinesses by the Department of Agriculture and Consumer Services. Virginia’s legislation closely resembles Michigan’s new recreational marijuana law.
Below are 5 things that you should know about Virginia’s recreational marijuana bill.
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The first $20 million in revenue will be earmarked for the Veterans Treatment Fund.
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A 10 percent sales tax will be imposed on retail marijuana and retail marijuana products sold by retail marijuana stores and microbusinesses, and 30% of the tax revenue will be shared with the counties and cities where the recreational marijuana stores and microbusinesses are located.
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A person may only have an interest in 5 growing licenses or 1 microbusiness until January 1, 2023.
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A license may be not be granted if the applicant is not a resident of Virginia.
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Municipalities may opt in to the recreational marijuana program or local voters can petition for the initiation of an ordinance. Municipal license fees are capped at $5,000.