MJ Biz: Virginia election results throw future of state’s recreational marijuana market into question

The electoral triumph by the Republican party in Virginia this week has thrown into question the rollout of the state’s recreational marijuana market, which would be the first adult-use market in the South and is expected to generate more than $1 billion in sales before 2030.

Stakeholders were divided on what the victory of Republican Gov.-elect Glenn Youngkin, Lt. Gov.-elect Winsome Sears and the GOP in the state House of Delegates will mean for the industry, which is supposed to launch in January 2024.

Some see little impact, but others see fallout that could jeopardize the state’s adult-use program.

The primary question is what state lawmakers and Youngkin will do in 2022.

The two bills approved this year authorizing the new adult-use market must be passed again next year by the full Legislature in order to kick-start the regulatory and business licensing portion of the law.

It’s unclear what Youngkin’s position on the question is. His campaign did not articulate a marijuana policy.

Over the summer, his campaign did tweet that Youngkin “will not seek to repeal” adult-use legalization and will instead focus “on building a rip-roaring economy.”

Read more at  https://mjbizdaily.com/virginia-election-results-throw-future-of-states-recreational-marijuana-market-into-question/?utm_medium=email&utm_source=newsletter&utm_campaign=MJD_20211105_NEWS_Daily

Primary Sponsor

Top Marijuana Blog