Virginia is approaching its second anniversary of legalizing recreational cannabis without a framework for legal sales as yet established. A recent decision by GOP-controlled House members to strike down a push to legalize and set a framework in 2024 delayed initial plans.

Cantor Fitzgerald's Pablo Zuanic, a speaker at the Benzinga Cannabis Capital Conference in Miami April 11-12, says the move is one of the key factors that could impact the mergers and acquisition landscape in Virginia.

The Analyst

Zuanic said on Friday that considering the delays in place, he doesn’t see recreational cannabis sales happening anytime soon in Virginia. He is projecting sales to start in early 2025.

“We do not have line of sight on a new start date (1/1/25, at the earliest, but this is not confirmed),” he said in his recent note.

Other factors affecting future cannabis deals for three cannabis multi-state operators licensed in Virginia – Columbia Care …

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