Jushi Holdings Inc hails passage of medical cannabis bills in Virginia

Jushi Holdings Inc (CSE:JUSH, OTCQX:JUSHF) has announced support and appreciation for the Virginia General Assembly’s passage of medical cannabis and cannabinoid product-related bills amended by Governor Glenn Youngkin.

The vertically integrated, multi-state cannabis operator said the 78 bills amended by the Governor included medical cannabis bills designed to enhance program accessibility for patients, improve operational efficiency for pharmaceutical processors and fully transfer regulatory oversight to the Virginia Cannabis Control Authority (CCA). 

“The problem Virginia lawmakers want to address can only be solved by giving Virginians an option to legally purchase cannabis they can already lawfully possess and use, and the public safety crisis tied to unregulated substitute products will continue until a regulated adult-use cannabis market becomes operational,” Jushi Holdings CEO Jim Cacioppo said in a statement.

“Consequently, we believe that expanding access to legal cannabis is both in the Commonwealth’s best interest and inevitable in the near-term,” he added.

Jushi noted that most patient-focused and operations-based changes will become effective on July 1, 2023, and CCA will take over regulating the program on January 1, 2024. 

The company added that Virginia’s General Assembly also approved Governor Youngkin’s amendments to bills aimed at bringing unauthorized, intoxicating cannabinoid products under a regulatory framework.

“While we support the intention of this legislation to protect public health and safety, Jushi respectfully maintains that any effort to improve the status quo that does not incorporate a retail adult-use cannabis market will ultimately be ineffective,” Cacioppo stated.

In the US, Jushi Holdings focuses on building a multi-state portfolio of branded cannabis assets through opportunistic acquisitions, distressed workouts, and competitive applications. 

Contact Sean at sean@proactiveinvestors.com

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