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U.S Virgin Islands
How to Open A Dispenasry In The Virgin Islands
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In January of 2023, Gov. Albert Bryan Jr. sign the Virgin Islands Cananbis Use Act into law, Covering the production, distribution, and use of cannabis. This is a highly anticipated law that would give new potential with tourism opportunities in the Carribean and with have to be implemented within a given time frame. This is to prevent lack of regulation like what happened in 2019 when regulation was never implemeneted for their medical cannabis program.
On the Isles, The Virgin Islands Office of Cannabis Regulation (OCR) with have exclusive authority to create regulations on the license types of cannabis. however the regulations for such licenses have yet to be drafted and approved. This is also including the opportunity for expungment of prior cannabis offences on the island which will be available through the Virgin Islands Department of Justice.
Medical Cannabis is also legal within the region yet solemly talked about. Where a voter referendum has passed bill 32-0135 in 2019. In 2020 Gov. Albert Bryan Jr. also appropriated $250,000 to aquire cannabis related software.
Available License Types
Once the regulations on the Islands have been drafted and approved we can expect to see information on the following license types:
How big is the opportunity on the Virgin Islands
The Virgin Islands is a popular tourist destination as it sits in the carribean, a already ripe tourism, vaction spot for many around the world. With 3 main islands plus 50 other minor islands at aproximately 133 square miles we can expect to see a fair amout of growth for the cannabis industry in this region. The main expectation here is that the cannabis industry will help grow and support the tourism industry on the islands, plus support the medical patients there. So with those factors at play it would be safe to assume that you will be gaining a lot of traction opening a cannabis business on the island with support from domCresidents but also international residents as well.
Application, Licensing, and Startup Fees
Regulation has not been defined yet, there is no definitive application or licensing fees as of yet. After the regulation has been drafted and approved then we can expect to see those figures. However the start-up fees for the medical cannabis application rounds ranged between $500 and $5,000.
Estimated market size
According to The Saint Thomas Source, recreational in the first year would bring in a estimated $10 Million in government revenue
how to OPEN A Dispensary In the Virgin Islands
If you are just starting your marijuana business, the next best step is to visit the Green Rush Store to help educate your team and be ready to apply for a marijuana business license. If you are ready to apply for a Marijuana Business License in U.S Virgin Islands, please Contact us or call our offices to set an appointment to get started. You can also select another State Opportunity, or fill out our Contact Form to discuss potential strategies such as Investment or Partnership Opportunities.