VA SB542

Establishes a comprehensive regulatory framework for Virginia's retail marijuana market, creating license categories for cultivators, manufacturers, wholesalers, and retailers under the Virginia Cannabis Control Authority.

Imposes a 21% state excise tax on retail marijuana sales, with revenue directed to the Cannabis Equity Reinvestment Fund to support communities disproportionately affected by drug enforcement and provide workforce development grants.

Sets the minimum age for purchasing retail marijuana at 21 and establishes packaging, labeling, and advertising restrictions to prevent youth access and ensure product safety testing.

Creates social equity provisions including priority licensing for individuals from communities historically impacted by marijuana enforcement and establishes the Virginia Cannabis Equity Business Loan Fund.

Maintains criminal penalties for unlicensed marijuana sales and distribution while repealing certain existing marijuana-related criminal statutes, and requires the Cannabis Control Authority to submit annual reports to the General Assembly.