State Series: Anthony Coniglio Talks The Virginia Market

Welcome back to a special episode of TDR’s Trade To Black podcast where we take closer looks at specific state markets. Today, we’re going to take a look at the medical and recreational cannabis use in the state of Virginia, and what the market looks like. For this, Anthony Coniglio, CEO of NewLake Capital joins us for an interview as we dissect the next moves for players in the Virginia market.

Virginia legalized medical marijuana in August, 2020, and a legalization of possession law followed the next year in July. Retail sales and rec use dispensaries, however, had to go through more hoops. Two bills play a part: House Bill 698 has been reflecting the state’s momentum towards legalizing recreational marijuana, and SB 448 was about establishing a framework for creation of a retail market for cannabis.

Currently the bills are sitting on the governor’s desk and they’re waiting to see what happens next. Anthony Varrell and Anthony Coniglio unpack the news of Virginia’s final approval for retail sales, and the four steps that outline what options he might take. We also talk about what paths to legalization we think are most likely.

Thinking of investing? Tune in to hear our thoughts on the current market environment and potential expansion in the state. We’ll talk about the current retail key players and the viability and usage concerns that might cause issues.

When we last spoke with Coniglio, we learned that NewLake Capital has executed over $100m in leaseback transactions that include seven properties in the state of Pennsylvania. If you’re enjoying our state series, don’t forget to listen in on the Pennsylvania state podcast we did if you didn’t catch it before.

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