Recreational Cannabis Could Soon Become Legal in Virginia
As Governor-elect Abigail Spanberger prepares to take office, there is renewed hope that recreational cannabis will become legal in Virginia. Despite previous attempts, Governor Glenn Youngkin has vetoed cannabis legalization twice. However, the industry is optimistic that the new administration will bring about change.
David Treccariche, owner of Skooma Boutique Dispensary in Charlottesville, believes that the current medical marijuana market, valued at around $180 million, and the illicit market, estimated to be around $3 billion, demonstrate the potential for a thriving recreational market. However, the lack of a retail market and the challenges of sourcing genuine products due to the underground market have hindered the industry’s growth.
Treccariche notes that the constantly changing laws have created supply chain issues, causing buyers to seek out unregulated underground markets. He hopes that the new governor will adopt a more balanced approach, allowing for taxed and regulated sales.
A bill introduced in 2024 proposed a maximum tax rate of 11.6% for recreational marijuana sales, with 8% going to the state, 2.5% as a local option tax, and 1% towards K-12 education. Treccariche believes that this could generate significant revenue for the state.
The industry is eager for the new governor to “swing the pendulum back” and enable small businesses to participate in the market. With the potential for a large and lucrative market, many are hoping that recreational cannabis will soon become a reality in Virginia.
