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U.S. Industry Opportunities

U.S Virgin Islands

How to Open A DispensAry In The Virgin Islands

If you are wondering how to open a dispensary in the Virgin Islands, and if it can be a lucrative business opportunity for entrepreneurs in the cannabis industry. This step-by-step guide will provide you with the necessary information to successfully open a dispensary in the Virgin Islands.

In January of 2023, Gov. Albert Bryan Jr. sign the Virgin Islands Cannabis 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 Caribbean 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 implemented 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 expungement 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 solemnly talked about. Where a voter referendum has passed bill 32-0135 in 2019. In 2020 Gov. Albert Bryan Jr. also appropriated $250,000 to acquire cannabis related software.

Application, Licensing, and Startup Fees

As of right now the Virgin Islands have released a portion of the fee schedule as part of the draft regulations proposed by the Office of Cannabis Regulation, which proposes the following:

District of St. Croix:

Cultivation

Level 1 Cultivation Licenses, application fee's range from $1,000 for a standard application, while existing farmers would pay $500. As of right now only 12 will be available of this type.

Level 2 Cultivation Licenses, application fee's range from $2,500 for a standard application, while existing farmers would pay $2,000. As of right now only 8 will be available of this type.

Level 3 Cultivation Licenses, application fee's range from $5,000 for a standard application, while existing farmers would pay $4,500. As of right now only 5 will be available of this type.

Dispensary

For a dispensary license the application fee is $5,000, with 1 license available for each town district in Frederiksted and Christiansted for a total of 4.

District of St. Thomas/St. John:

Cultivation

Level 1 Cultivation Licenses, application fee's range from $1,000 for a standard application, while existing farmers would pay $500. St. Thomas will have 8 licenses dedicated to it while 4 will be for St. John. 

Level 2 Cultivation Licenses, application fee's range from $2,500 for a standard application, while existing farmers would pay $2,000. Only 6 of this type will be available on St. Thomas while St. John has 2.

Level 3 Cultivation Licenses, application fee's range from $5,000 for a standard application, while existing farmers would pay $4,500. Only 4 of this license type will be dedicated to St. Thomas while only 1 will be allotted for St. John.

Dispensary

For a dispensary license the application fee is $5,000, with 1 license available for each town district in Frederiksted and Christiansted for a total of 4.

Frequently Asked Questions

What are the legal requirements for opening a dispensary in the Virgin Islands?

To open a dispensary in the Virgin Islands, you must comply with all state and local laws and regulations. This includes obtaining the necessary licenses and permits, meeting zoning requirements, and following strict security and operational protocols.

How can I research the market for a dispensary in the Virgin Islands?

To research the market for a dispensary in the Virgin Islands, you can analyze the demand for cannabis products, study the competition, and gather data on consumer preferences and purchasing patterns. Market research firms and industry reports can also provide valuable insights.

What should be included in a business plan for a dispensary in the Virgin Islands?

A business plan for a dispensary in the Virgin Islands should include an executive summary, a description of the business and its products, a market analysis, a marketing strategy, a financial plan, and information about the management team and operational processes.

How do I find the right location for my dispensary in the Virgin Islands?

Finding the right location for a dispensary in the Virgin Islands involves considering factors such as zoning regulations, proximity to residential areas and schools, accessibility, visibility, and competition. Working with a real estate agent familiar with the local market can be helpful.

What funding options are available for opening a dispensary in the Virgin Islands?

Funding options for opening a dispensary in the Virgin Islands include personal savings, loans from banks or credit unions, private investors, crowdfunding, and partnerships. Each option has its own requirements and considerations.

What are the steps to apply for a dispensary license in the Virgin Islands?

The steps to apply for a dispensary license in the Virgin Islands typically involve submitting an application, providing detailed business plans and financial information, undergoing background checks, and paying the necessary fees. It is important to carefully follow the instructions provided by the licensing authority.

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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. 

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