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US Virgin Islands: Governor Calls For Cannabis Legalization To Generate Tax Revenues

Nicolás Jose Rodriguez

Benzinga

Friday 03 Jun 2022

Governor Albert Bryan Jr. (D) of the U.S. Virgin Islands (USVI) is calling on the legislature to legalize marijuana and generate revenues for the Territory. Bryan included expected revenues in an executive budget request that he sent to lawmakers on Tuesday. The document anticipates $10 million in tax revenues from legal cannabis sales, reported local media.

The Governor said he plans to call the Legislature into Special Session to address the Adult-Use Cannabis Act and will give lawmakers plenty of time to consider the proposed measure.

“We have a $40 million funding gap this year that we need to fill with different types of funding resources. We want to get that going,” the Governor said during Tuesday’s weekly briefing at Government House.

On February 28, 2022, the USVI Cannabis Advisory Board and the Office of Cannabis Regulations presented the introduction to medical cannabis draft rules and regulations, reported the stcroixsource.com. The Office of Cannabis Regulation was established in 2019 to allow and provide for the beneficial use of medical cannabis in a regulated system or alleviating symptoms caused by debilitating medical conditions and their medical treatments.

The new regulations should be announced once reviewed by the Senate. According to the draft, there will be two types of applications for patients (including physicians and caregivers); and businesses, including producers or growers, manufacturers, retailers or dispensaries, researchers, third-party vendors and laboratory testing.

https://www.benzinga.com/markets/cannabis/22/06/27552920/us-virgin-islands-governor-calls-for-marijuana-legalization-to-generate-tax-revenues

 

 

 

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