Cannabis control; establishes a framework for creation of a retail marijuana market, penalties.

Cannabis control; retail market; penalties. Establishes a framework for the creation of a retail marijuana market in the Commonwealth, to be administered by the Virginia Cannabis Control Authority (the Authority). The bill allows the Authority to begin issuing all marijuana licenses on July 1, 2025; however, the bill (i) allows certain micro business to begin operations, other than retail sales, on July 1, 2024, or the date on which the Board of Directors of the Authority (the Board) provides notice to the Division of Legislative Services (the Division) that it is prepared to provide oversight of such operations, whichever is later, and (ii) allows pharmaceutical processors, certain micro businesses, and five industrial hemp processors to fully operate, including engaging in retail sales, on January 1, 2025, or the date on which the Board provides notice to the Division that it is prepared to provide oversight of such operations and sales, whichever is later.