Marijuana Business Factbook 2019

165 © Copyright 2020, Marijuana Business Daily , a division of Anne Holland Ventures Inc. You may NOT copy this Factbook, or make public the data and facts contained herein, in part or in whole. For more copies or editorial permissions, contact CustomerService@MJBizDaily.com or call (720) 213-5992, ext. 1. State-By-State: Legal Overview, Market Data and Outlook | Chapter 2 MJBIZDAILY.COM Business regulations Heavy. Virginia awarded licenses for five vertically integrated “pharmaceutical processors” who will be responsible for cultivation, manufacturing and dispensing CBD and THC-A products. The latest legislation requires a minimum of 5 milligrams of CBD or THC-A per dose and a maximum 10 milligrams of THC-A. HB 1557 requires the Secretary of Health and Human Services and the Secretary of Agriculture and Forestry to convene a work group to review and recommend an appropriate structure for an oversight organization in Virginia and reports its findings and recommendations by Nov. 1, 2019. BUSINESS TAXES & FEES Application Fees $10,000 application fee License Fees $60,000 (new), $10,000 (annual renewal) Tax requirements To be determined Tax collections in 2018 N/A―sales have not yet begun SUPPLY CHAIN DYNAMICS Dispensary structure For-profit allowed Number of businesses allowed Pharmaceutical processors: 5 Number of businesses operating in early 2020 Licenses for all five pharmaceutical processors have been awarded but sales have not yet begun. Weighted average price per pound of marijuana N/A―sales have not yet begun