Medical Marijuana Coming Soon to Virginia

On the heels of decriminalization and legalizing medical marijuana, Virginia’s first dispensary is set to open in August 2020. Through the current system of licensing, only five vertically-integrated entities will operate within the state initially – with Dharma representing the first scheduled opening.

Initial profit predictions are middling, as Virginia will allow only a small subset of marijuana-based products at these dispensaries. Despite that, investors and customers remain optimistic given lawmakers stated intent to work towards full legalization as early as next year.

Source: MJ Business Factbook

Source: MJ Business Factbook

According to the Marijuana Business Factbook, the Virginia medical cannabis market is projected to see sales of around $9 million-$11 million through its first full year. By 2024, Virginia’s medical marijuana market is estimated to see sales as high as $55 million.

In part, these rapid shifts in legislature are the result of a blue wave claiming Virginia in 2018. Democratic legislatures have universally been more willing to look into the decriminalization and legalization of marijuana products. Locations where marijuana is available have seen boosts in small business entrepreneurship related to the industry – as well as boosts in tax revenue. Alongside business aspects, a growing body of research suggests that marijuana availability reduces opioid deaths.

Medical Cannabis: Across the Nation

Accompanying Virginia, Utah allowed for the opening of medical marijuana dispensaries back in March. Over the past several months, they have seen several businesses open and begin service. The Church of Latter Day Saints, a prominent Utah fixture, updated their rules to allow for the use of medical marijuana – although smoking and vaping remain banned.

Oklahoma has allowed medical marijuana since 2018 – and now represents one of the largest markets in the United States. This is due to relatively lax regulations that allowed a proliferation of smaller dispensaries. The nascent industry could represent a major boon for Oklahoma – a state that could certainly use it.

Pot and the Pandemic

While many industries saw an adverse impact to the pandemic, marijuana adapted – and sometimes thrived – in the new normal. As hospitals and clinics became hotspots, patients turned to other options. Dispensaries began offering contactless service, resulting in a subsequent rise in profits. Potential patients can often attain a prescription through telemedicine, avoiding a trip to the doctor entirely.

Pandemic-related studies have found that marijuana may even help treat COVID-19. However, these reports should be approached with extreme caution. There are many unknown factors related to the novel coronavirus, and jumping to conclusions could lead to irreparable harm. However, for patients suffering from cancer, and other approved ailments, medical cannabis’s growing acceptance could be another key therapeutic in their treatment.

Article By: Adam Stone

The post Medical Marijuana Coming Soon to Virginia appeared first on Spotlight Growth.

Source: SpotLight Growth Canabis
Medical Marijuana Coming Soon to Virginia
SpotLight Growth Canabis

Matt Rego
Matt is the Founder and CEO of Spotlight Growth. Prior to launching Spotlight Growth, Matt worked six years within the investor relations industry, most recently serving as Vice President of Sales and Marketing at Global Discovery Group, Inc. In addition, Matt has been a financial writer and analyst since 2010 and investing in the stock market since 2007. Articles and content have appeared on well-known financial websites, such as: Investopedia, Google Finance, Yahoo Finance, ValueWalk, Minyanville, Seeking Alpha, CBS MoneyWatch, Investment Underground, Emerging Growth, Blasting News, GenYWealth, and more. In addition, Matt has received an honorable mention in Barrons’ and the New York Post. Matt graduated from the University of Minnesota with a Bachelor’s Degree in Finance.

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