How Adult-Use Cannabis Could Roll Out in Virginia
Is Virginia finally ready to launch adult-use cannabis sales? With Abigail Spanberger winning the Virginia governorship, the political winds have officially shifted. Her campaign prioritized cannabis reform, and now—with a Democratic majority in both chambers—Virginia is poised to move from possession-only to a fully regulated retail market.
In this episode of Trade To Black, presented by Dutchie, hosts Shadd Dales and Anthony Varrell sit down with Trent Woloveck, Chief Strategy Officer at JUSHI Holdings (CSE: JUSH | OTCQX: JUSHF), to unpack what Spanberger’s win means for cannabis operators, investors, and consumers across the Commonwealth. Trent is one of the most dialed-in voices in the cannabis space—especially when it comes to Virginia. From licensing frameworks to district-level dynamics, he breaks down what’s likely to happen next, what hurdles remain, and how the rollout could be structured. We’ll also discuss Canopy Growth’s latest earnings.
Kicking off, Canopy Growth’s Q3 results showed a 6% increase in total revenue to $67 million. Cannabis revenue rose 12% year over year to $51 million, with Canadian adult-use sales up 30% to $24 million. EBITDA loss narrowed to $3 million and operating loss improved by 63% to $17 million. While international sales were down due to supply chain issues in Europe, the team praised CEO David Klein’s consistency in delivering on cost-cutting and operational efficiency, including a 600 basis point improvement in gross margin.
Spanberger’s win may be both a major turning point not only for cannabis and for centrist politics. With her background and her history of supporting cannabis banking and decriminalization, Spanberger is expected to sign adult-use legislation into law in 2026. With Democrats now holding 64 of 100 seats in the House and strong leadership across the board, Woloveck calls the win a “tsunami” and says the legislative session starting in January could move quickly, with a likely implementation date of sometime around July 1, 2026.
From licensing frameworks to district-level dynamics, Woloveck breaks down what’s likely to happen next, what hurdles remain, and how the rollout could be structured. We cover: What Spanberger’s win signals generally for cannabis reform, how Virginia’s Cannabis Control Authority might regulate licensing, social equity priorities and vertical integration limits, and what MSOs and investors should watch for in 2026.
You won’t want to miss this episode.
