Cannabis company Cresco Labs announced Monday that it is calling off its plans to acquire competitor Columbia Care, which controls the licenses to sell medical marijuana in the greater Richmond region.
Scared off by new state CBD regulations, the company is looking at a move to Washington, D.C., where it also hopes to begin selling psilocybin mushrooms.
“It’s a double entendre. It is about friends, but it’s also about smoking weed,” said Bike Buds co-owner Phil Horne.
The new rules change the definition of what types of hemp products are legal to sell in Virginia, while the state will wait until at least next year for another crack at creating a recreational cannabis market.
A proposed state law that has some local hemp-related businesses fearing for their futures isn’t written in stone just yet. Gov. Glenn Youngkin on Monday, rather than signing it immediately into law, recommended changes to legislation that would establish more regulations on the hemp industry in Virginia. He then sent those potential revisions back to… Read more »
“When you take 90 percent of the business we created over the past five years and take it away, why would I stay in a state that doesn’t support my business and my family?” said Evan Somogyi.
Chicago-based Cresco Labs announced this week that it’s extending the deadline to close its pending acquisition of Columbia Care, which owns Green Leaf Medical and its Richmond-area dispensaries.
Amid the floundering effort to legalize recreational marijuana sales in Virginia, Richmond’s lone state-approved medical cannabis provider continues to expand with its third standalone retail dispensary in the region.
The bill would have allowed the Virginia Cannabis Control Authority to begin to issue licenses for recreational cannabis businesses on July 1, 2024, and would have permitted existing state-sanctioned medical cannabis companies to grow and sell recreational cannabis products starting July 1 of this year.
Amid the deaths of similar bills in the House of Delegates, legislation that would establish a recreational cannabis retail market in Virginia took a step forward on Thursday
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