VA HB642

Establishes a comprehensive legal framework for retail marijuana sales in Virginia, creating new licensing categories for cannabis cultivators, manufacturers, wholesalers, and retail dispensaries regulated under Title 4.1 of the Virginia Code.

Creates the Cannabis Equity Reinvestment Fund, with 50% of deposited funds directed to the Virginia Cannabis Equity Business Loan Fund to support businesses owned by individuals from communities disproportionately affected by drug enforcement.

Amends criminal code sections (Title 18.2) to distinguish between legal and illegal marijuana activities, maintaining penalties for unlicensed distribution, sales to minors, and other violations while decriminalizing activities conducted under the new licensing system.

Grants regulatory authority to the Virginia Cannabis Control Authority (expanding from its current role) to oversee licensing, establish product safety standards, and enforce compliance across the retail marijuana market.

Repeals several existing statutes including § 18.2-248.1 (marijuana distribution penalties) and § 18.2-251.1 (marijuana possession penalties) to align with the new legal retail market structure.