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New 45,000 SF Industrial Building Available in Amherst County

A brand-new 45,000-square-foot industrial building is now available at 125 East Progress Road in the Amelon Commerce Center, Madison Heights, VA—within the Lynchburg MSA. Designed with flexibility in mind, this state-of-the-art facility can accommodate one to four tenants and includes an additional 20,000 SF expansion opportunity, with the 11.5-acre site already graded to support future growth.

The building features 36-foot clear heights, two loading docks, and drive-in doors, making it ideal for , tech, or other industrial operations. The property’s M-1 Industrial zoning provides broad use potential, ensuring alignment with a variety of business needs.

Infrastructure is fully in place to support modern operations. Utilities include 3-phase power via Appalachian Power, municipal water and sewer (12” water line and 8” sewer line), and robust telecommunications through Comcast Business and Segra/Shentel. Natural gas is available nearby through Columbia Gas, located just a half-mile away on Route 130, with a capacity of 10 mcf per hour.

Location is one of the property’s strongest assets. The site sits less than two miles from three major transportation arteries, offering quick access via a four-lane connector road to US 29, with US 460, I-64, and I-81 also within close reach. This connectivity positions businesses for efficient regional and interstate distribution.

Owned by the Economic Development Authority of Amherst County, this new construction presents a unique opportunity for companies seeking modern space, expansion capabilities, and strategic access to key transportation corridors.

For businesses ready to grow or relocate, this flexible and well-equipped industrial facility delivers the capacity, infrastructure, and location necessary for long-term success.

Click here to learn more and find available sites

Wall Street pulls near its all-time high

Summary

  • moves within 0.6% of its all-time high; Dow jumps 408 points.
  • Mixed lifts expectations for a Fed rate cut next week.
  • Microchip Technology and Marvell lead tech gains with strong outlooks.
  • ease while bitcoin rebounds above $93,000.

NEW YORK (AP) — U.S. stocks rose near their record levels on Wednesday as mixed data on the economy kept alive hopes that a cut to is coming soon.

The S&P 500 gained 0.3% and pulled within 0.6% of its all-time high set in late October. The Industrial Average climbed 408 points, or 0.9%, and the composite added 0.2%.

The biggest jump in the S&P 500 came from Microchip Technology, which leaped 12.2% after saying it expects sales and profit for the final months of the year to come in at the high end of the forecasted ranges it earlier gave. CEO Steve Sanghi said business is doing better than expected, and it’s reducing inventory levels.

Marvell Technology was another winner and rose 7.9% after the supplier of semiconductor products delivered a stronger profit for the latest quarter than analysts expected. CEO Matt Murphy credited demand for its data center products, while also announcing a purchase of Celestial AI to bolster its artificial-intelligence infrastructure business. The deal’s price tag could top $3.25 billion.

Stocks broadly got a lift from easing Treasury yields in the bond market. Yields fell after a report suggested U.S. employers outside of the government may have cut more jobs in November than they added.

While the surprisingly weak report from ADP may be discouraging for looking for jobs, it also bolstered expectations that the will cut its main interest rate next week. If the Fed does, that would be the third cut of the year in hopes of helping the slowing job market.

Investors love lower interest rates because they boost prices for investments and can charge up the economy.

A separate report Wednesday on activity for U.S. services business was more encouraging. It said growth was stronger last month than expected for businesses in the , finance, insurance and other industries.

The report from the Institute for Supply Management’s survey also said that prices were increasing at their slowest rate since April. That’s important because the main argument against cutting interest rates is that it could worsen inflation.

The yield on the 10-year Treasury fell to 4.06% from 4.09% late Tuesday.

Lower interest rates can boost prices for all kinds of investments, and bitcoin climbed above $93,000 following its scary downward run in recent weeks. It briefly plunged below $81,000 last month.

On Wall Street, American Eagle Outfitters rallied 15.1% after the retailer reported a better profit than expected. Its CEO, Jay Schottenstein, said it also saw a strong start to the holiday shopping season with an acceleration in demand across its brands during the Thanksgiving weekend.

Capricor Therapeutics surged 371.1% after the biotech company reported encouraging results for its potential therapy for people with Duchenne muscular dystrophy.

On the losing end of Wall Street were relatively few companies, including one out of every three stocks in the S&P 500 index. But among them were some of the market’s most influential stocks, which kept indexes in check.

Microsoft fell 2.5% and was the heaviest weight on the S&P 500.

Macy’s lost 1.1% after flipping between losses and gains through the day. It reported a profit for the latest quarter that was much better than the loss that analysts were expecting, but its stock had already come into the day with a gain for the year so far that more than doubled the S&P 500’s.

All told, the S&P 500 rose 20.35 points to 6,849.72. The Dow Jones Industrial Average added 408.44 to 47,882.90, and the Nasdaq composite gained 40.42 to 23,454.09.

In stock markets abroad, indexes were close to flat in Europe following a mixed finish in Asia.

Japan’s Nikkei 225 jumped 1.1% on gains for technology stocks like Tokyo Electron. SoftBank Group Corp. leaped 6.4% following reports that its founder, Masayoshi Son, regretted having to sell shares in computer chipmaker Nvidia to help pay for other investments.

Chinese indexes sank following the release of data showing weaker factory activity. Stocks fell 1.3% in Hong Kong and 0.5% in Shanghai.

HII investing $28M for Hampton manufacturing facility

Newport News-based Fortune 500 contractor is investing $28 million to create an aircraft carrier and submarine plant in , the city’s mayor said Wednesday.

The 150,000-square-foot building off Commander Shepard Boulevard has historically been used by as an assembly building, but it is now being gradually converted into a light manufacturing advanced technology facility for HII’s division.

Hampton Mayor Jimmy Gray made the announcement Wednesday during his state of the city address held at the Hampton Convention Center.

The facility will house 3D printing technology and about 300 employees, most of whom will be existing workers transferred to the new jobs. Gray said the site’s transformation is “in direct response to the demand for the company to accelerate production of aircraft carriers and submarines.”

In a video shown to attendees of Gray’s address, NNS Vice President of Human Resources Xavier Beale said the facility will strengthen the company’s relationship with Hampton and house “some of the most technologically advanced additive manufacturing machines known to mankind.”

At the site, NNS will print an array of alloys ranging from pounds to tons.

“Most of our work is done in Newport News, but what many may not know is that we have many warehouses located in the city of Hampton,” Beale said. “About 50 of our suppliers operate within the city, and I’m excited to say that more than 5,000 of our shipbuilders call Hampton Home.”

A subsidiary of HII, NNS is the state’s largest industrial employer, employing about 26,000 .

Macy’s reports surprise Q3 profit, lifts annual outlook

Summary

  • Macy’s reports an unexpected third-quarter profit.
  • Comparable-store sales rise 3.2%, the best in more than three years.
  • Retailer raises its financial outlook for the year.
  • Overhaul of the 167-year-old chain shows signs of resonating with shoppers.

NEW YORK (AP) — Macy’s posted a surprise third-quarter profit and its strongest in more than three years as an extensive overhaul of the 167-year-old New York department store begins to resonate with shoppers.

Macy’s raised its for the year, but its outlook for the crucial fourth quarter was more reserved, reflecting the mood of many customers who have grown more selective in what they buy during the holiday season.

Trading was volatile Wednesday as investors weighed what appeared to be growing momentum for under new CEO Tony Spring, and anxiety over the U.S. economy that threatens to curb holiday spending.

Comparable sales, a good barometer of a retailer’s health, have been an ominous sign at Macy’s for several years now, serving each quarter as a reminder that the storied department store chain had a long way to go.

On Wednesday, however, Macy’s posted a solid 3.2% increase for the quarter ended Nov. 1, following a 1.9% increase during the second quarter. Those sales includes licensed businesses like cosmetics.

For Macy’s, which also owns higher end stores like Bloomingdales and Bluemercury, the strong performance is notable because all retailers are navigating a challenging environment with consumers pulling back as prices rise in a U.S.-initiated trade war.

Yet consumer spending is uneven with higher income households continuing to spend more freely, while lower income families pull back in what is often referred to a “K-shaped economy.”

“The K economy is is real,” Spring told The Associated Press during a phone interview on Wednesday. “We’re fortunate. Bloomingdales and Bluemercury are solidly in the upper part of the K and about half of the Macy’s customers are in the upper part of the K. But we do also appeal to an aspirational customer and one that is choiceful. And so our job is to make sure that we get our fair share of the business. ”

Spring said Macy’s had to be “realistic” and “sensible” with fourth quarter guidance.

The company has leaned into promotions to lure shoppers who are tight with their budgets, he said.

Under Spring, who took over the top job in early 2024, Macy’s has closed unprofitable stores while investing heavily in modernizing locations. The company has beefed up customer service in the fitting areas as well as the shoe department. It’s also been trying to differentiate its luxury business from its rivals with exclusive merchandise.

Roughly 50% of customers at the Macy’s have a household income of over $100,000 and at Bloomingdale’s and Bluemercury, there’s a larger percentage with household incomes over $150,000.

As Macy’s navigates what has become a volatile global trading environment due to U.S. tariffs, it’s trying to take a more surgical approach when it comes to price increases. The company is working with its suppliers to absorb some of the higher costs.

The impact of tariffs has been less than what Macy’s had anticipated, Spring said, but they remain a factor.

Macy’s reported net income of $11 million, or 4 cents per share, for the quarter. Adjusted earnings per share was 9 cents, catching industry analysts who had expected a loss of 13 cents off guard.

The company last year earned $28 million or 10 cents per share.

Net sales fell slightly to $4.71 billion, from $4.73 billion, reflecting the closure of poorly performing stores. But that still outperformed projections of $4.55 billion from analysts.

The stores it’s overhauled, 125 of them, booked comparable sales growth of 2.7% growth, outperforming the pace when all stores are included.

“While it would be an exaggeration to say that Macy’s is a retailer at the very top of its game, there is no doubt that it is now becoming a more proficient player on the field,” said Neil Saunders, of GlobalData. “The sloppy and slapdash execution that once plagued the chain has largely disappeared.”

Macy’s now expects annual earnings per share of between $2 and $2.20, well above its previous guidance of $1.70 to $2.05 per share. It also projected annual 2025 sales in the range of $21.47 billion to $21.62 billion, up from its previous guidance of $21.15 billion to $21.45 billion.

Wall Street had been projecting earnings of $2 per share on sales of $21.3 billion, according to FactSet.

Shares rose 2% Wednesday.

Bessent seeks residency rule for Fed regional presidents

Summary

  • Bessent proposes requiring Fed regional presidents to live in their districts for at least three years.
  • Move could expand influence over the .
  • Tension rises as several Fed presidents oppose a December rate cut.
  • Bessent has intensified criticism of the Fed’s regional leadership.

WASHINGTON (AP) — Treasury Secretary Scott Bessent said Wednesday he would push a new requirement that the Federal Reserve’s regional bank presidents live in their districts for at least three years before taking office, a move that could give the White House more power over the independent agency.

In comments at the New York Times’ DealBook Summit, Bessent criticized several presidents of the Fed’s regional banks, saying that they were not from the districts that they now represent, “a disconnect from the original framing” of the Fed.

Bessent said that three of the 12 regional presidents have ties to New York: Two previously worked at the New York Federal Reserve, while a third worked at a New York investment bank.

“So, do they represent their district?” he asked. “I am going to start advocating, going forward, not retroactively, that regional Fed presidents must have lived in their district for at least three years.”

Bessent added that he wasn’t sure if Congress would need to weigh in on such a change. Under current law, the Fed’s Washington, D.C.-based board can block the appointment of regional Fed presidents.

“I believe that you would just say, unless someone’s lived in the district for three years, we’re going to veto them,” Bessent said.

Bessent has stepped up his criticism of the Fed’s 12 regional bank presidents in recent weeks after several of them made clear in a series of speeches that they opposed cutting the Fed’s key rate at its next meeting in December. President Donald Trump has sharply criticized the Fed for not lowering its short-term interest rate more quickly. When the Fed reduces its rate it can over time lower borrowing costs for mortgages, auto loans, and credit cards.

The prospect of the administration “vetoing” regional bank presidents would represent another effort by the White House to exert more control over the Fed, an institution that has traditionally been independent from day-to-day .

The Federal Reserve seeks to keep prices in check and support hiring by setting a short-term interest rate that influences borrowing costs across the economy. It has a complicated structure that includes a seven-member board of governors based in Washington as well as 12 regional banks that cover specific districts across the United States.

The seven governors and the president of the New York Fed vote on every interest-rate decision, while four of the remaining 11 presidents vote on a rotating basis. But all the presidents participate in meetings of the Fed’s interest-rate setting committee.

The regional Fed presidents are appointed by boards made up of local and business community leaders.

Three of the seven members of the Fed’s board were appointed by Trump, and the president is seeking to fire Governor Lisa Cook, which would give him a fourth seat and a majority. Yet Cook has sued to keep her job, and the Supreme Court has ruled she can stay in her seat as the court battle plays out.

Trump is also weighing a pick to replace Chair Jerome Powell when he finishes his term in May. Trump said over the weekend that “I know who I am going to pick,” but at a Cabinet meeting Tuesday said he wouldn’t announce his choice until early next year. Kevin Hassett, a top economic adviser to Trump, is widely considered Trump’s most likely choice.

The three regional presidents cited by Bessent are all relatively recent appointees. Lorie Logan was named president of the Dallas Fed in August 2022, after holding a senior position at the New York Fed as the manager of the Fed’s multitrillion dollar portfolio of mostly government securities. Alberto Musalem became president of the St. Louis Fed in April 2024, and from 2014-2017 was an executive vice president at the New York Fed.

Beth Hammack was appointed president of the Cleveland Fed in August 2024, after an extended career at Goldman Sachs.

Musalem is the only one of the three that currently votes on policy and he supported the Fed’s rate cuts in September and October. But last month he suggested that with inflation elevated, the Fed likely wouldn’t be able to cut much more.

Logan has said she would have voted against October’s rate cut if she had a vote, while Hammack has said that the Fed’s key rate should remain high to combat inflation. Both Hammack and Logan will vote on rate decisions next year.

Bessent argued last month in an interview on CNBC that the reason for the regional Fed banks was to bring the perspective of their districts to the Fed’s interest rate decisions and “break the New York hold” on the setting of .

UPS put profits over safety before plane crash that killed 14, lawyer alleges

Summary

  • Families file wrongful death suits alleging prioritized profits over safety.
  • NTSB found cracks where the MD-11’s engine attached before detaching on takeoff.
  • grounded all MD-11 cargo jets used by UPS, FedEx and Western Global.
  • Lawsuits also name GE, Boeing and VT San Antonio Aerospace over inspections and maintenance.

A deadly UPS  in Kentucky stemmed from from corporate choices that favored profits over safety, according to a lawyer who filed two Wednesday, which allege the company kept flying older aircraft without increasing maintenance beyond what’s regularly scheduled.

Last month’s fiery crash happened during takeoff after the plane’s left engine detached, and cracks were later found where the engine connected to the wing, the National Transportation Safety Board said. The lawsuit also names General Electric, which made the plane’s engine. Both UPS and GE said they don’t comment on pending lawsuits and that safety is a top priority as they assist the federal investigation.

Robert Clifford, a lawyer representing two of the victims killed on the ground, said those cracks show the MD-11 jets, which average more than 30 years old, are too dangerous for package delivery companies to keep in the air. The Federal Aviation Administration has grounded all MD-11s, which have been exclusively hauling cargo for more than a decade.

Three pilots and 11 on the ground were killed on Nov. 4 when the plane, fully loaded with fuel for a flight to Hawaii, plowed into businesses just outside the airport in Louisville, where UPS has its largest package delivery hub.

Clifford said UPS was saving money and aircraft downtime by keeping “old, tired” planes in the air while not increasing the number of inspections. Fellow attorney Bradley Cosgrove said at a news conference that they believe inspections should have found the cracks cited by federal investigators, adding, “This plane should have never been in the air.”

The lawsuits filed in state court are on behalf of the families of Angela Anderson, 45, who was shopping at a business by the airport, and Trinadette “Trina” Chavez, 37, who was working at Grade A Auto Parts.

“We intend to stand up for ‘Nena’ and fight for her, no matter how long it takes, just like Nena always did for us,” said Chavez’s sister, Gabriela Hermosillo-Nunez, calling her by another nickname that her eight younger brothers and sisters used.

The suit also names Boeing, which acquired the original manufacturer of the plane McDonell Douglas, and VT San Antonio Aerospace, Inc., which inspected and maintained the plane. The two companies did not immediately respond to email and phone messages seeking comment.

The jet that crashed had just finished more than six weeks of extensive maintenance, completed Oct. 18, in which VT San Antonio Aerospace crews repaired significant structural issues, according to the lawsuits. Those included repairing a crack in the center wing fuel tank, addressing corrosion on structural components, and lubricating parts involved in attaching the engine to the wing.

The engine mount hadn’t undergone a detailed inspection since 2021, and the plane wasn’t due for another detailed inspection of that part for another 7,000 takeoffs and landings.

After the crash, federal investigators grounded all 109 of the remaining MD-11s used by UPS, FedEx and Western Global for inspections and repairs, but the FAA hasn’t said what will be required.

The aircraft make up about 9% of the UPS airline fleet and 4% of FedEx’s fleet. If massive repairs or overhauls are ordered, experts said package delivery companies may find replacing them the better option. UPS announced last week it didn’t expect the MD-11s to be back in the sky until at least after the holiday season.

The legal battles stemming from the crash are likely just beginning. UPS was named as a defendant in a federal lawsuit filed last month accusing it of negligence and wanton conduct. The crash “acted like a bomb” and the plaintiffs had their lives and businesses “turned upside down” as a result, the suit said.

Trump plan would roll back US vehicle mileage rules

Summary

  • Trump to propose weakening through 2031.
  • Plan rolls back Biden-era rules encouraging EVs and lower emissions.
  • Auto executives support the move; environmental groups oppose it.
  • Proposal follows broader efforts to loosen pollution and mileage regulations.

 

WASHINGTON (AP) — President Donald Trump is expected to announce a proposal Wednesday to weaken  for the , loosening regulatory pressure on automakers to control pollution from gasoline-powered cars and trucks, according to several familiar with the plans.

The proposal would significantly reduce fuel economy requirements, which set rules on how far new vehicles need to travel on a gallon of gasoline, through the 2031 model year, according to a White House official and several people familiar with the plan. They were not authorized to discuss the matter publicly because the proposal has not been announced and spoke on condition of anonymity. Further details were not immediately available.

The move would be the latest action by the to reverse Biden-era policies that encouraged cleaner-running cars and trucks, including electric vehicles. Burning gasoline for vehicles is a major contributor to planet-warming greenhouse gas emissions. The Republican administration says the new rules would increase Americans’ access to the full range of gasoline vehicles they need and can afford.

Trump is set to announce the plan at a White House event that is expected to include top executives from the three largest U.S. automakers, who have praised the planned changes. Since taking office in January, Trump has relaxed auto tailpipe emissions rules, repealed fines for automakers that do not meet federal mileage standards and terminated consumer credits of up to $7,500 for EV purchases.

Ford CEO Jim Farley said in a statement Wednesday that the planned rollback was “a win for customers and common sense.”

“As America’s largest auto producer, we appreciate President Trump’s leadership in aligning fuel economy standards with market realities. We can make real progress on carbon emissions and energy efficiency while still giving customers choice and affordability,” Farley said.

Stellantis CEO Antonio Filosa said the automaker appreciates the administration’s actions to “realign” the standards.

Environmentalists decried the decision.

“In one stroke Trump is worsening three of our nation’s most vexing problems: the thirst for oil, high gas pump costs and global warming,” said Dan Becker, director of the Safe Climate Transport Campaign for the Center for Biological Diversity.

“Trump’s action will feed America’s destructive use of oil, while hamstringing us in the green tech race against Chinese and other foreign carmakers,” Becker said.

Trump has repeatedly pledged to end what he falsely calls an EV “mandate,” referring incorrectly to Democratic President Joe Biden’s target that half of all new vehicle sales be electric by 2030. EVs accounted for about 8% of new vehicle sales in the United States in 2024, according to Cox Automotive.

No federal policy has required auto companies to sell EVs, although California and other states have imposed rules requiring that all new passenger vehicles sold in the state be zero-emission by 2035. Trump and congressional  blocked the California law earlier this year.

Transportation Secretary Sean Duffy urged his agency to reverse existing fuel economy requirements, known as Corporate Average Fuel Economy, soon after taking office. In June, he said that standards set under Biden were illegal because they included use of electric vehicles in their calculation. EVs do not run on gasoline. After the June rule revision, the traffic safety agency was empowered to update the requirements.

Under Biden, automakers were required to average about 50 miles (81 kilometers) per gallon of gas for passenger cars by 2031, compared with about 39 miles (63 kilometers) per gallon today.

The Biden administration also increased fuel-economy requirements by 2% each year for light-duty vehicles in every model year from 2027 to 2031, and 2% per year for SUVs and other light trucks from 2029 to 2031. At the same time, it called for stringent tailpipe rules meant to encourage EV adoption.

The auto industry has complained that both Biden-era rules were difficult to meet.

Mileage rules have been implemented since the 1970s energy crisis, and over time, automakers have gradually increased their vehicles’ average efficiency.

CBRE taps new leader for Richmond, Norfolk

Global services and announced Tuesday that it is promoting its mid-Atlantic region senior sales director, Sarah Cooley, to and market leader for the firm’s southern Virginia region, which includes CBRE’s and offices.

In this role, Cooley will lead daily operations for the Fortune 500 firm’s advisory services business across the Richmond and Roads regions. She will also continue to serve on CBRE’s mid-Atlantic leadership team, helping develop and execute strategy for a region that includes six offices in Virginia, Maryland and Washington, D.C.

According to a spokesperson, Cooley had already been leading CBRE’s southern Virginia market in an interim capacity after Brad Flickinger retired last year.

“Sarah has consistently demonstrated the ability to translate strategy into measurable results,” said Kyle Schoppmann, president of CBRE’s mid-Atlantic markets, in a statement. “Her leadership has strengthened our presence in key markets, and with this promotion, she is well-positioned to continue accelerating growth in southern Virginia.”

She joined the leadership team in 2019 as senior sales director. The company credits her for playing an “instrumental” role in advancing the firm’s growth strategy across the mid-Atlantic region.

Cooley joined CBRE in 2011, serving in various roles in the Chicago market — including sales director — before relocating to Richmond in 2019.

Before CBRE, she worked at Courtesy Associates, where she managed government event planning and organized conferences for the President’s Emergency Plan for AIDS Relief.

She earned her bachelor’s degree in English from the University of Virginia.

“I’m honored to be stepping into the role of market leader and to have the opportunity to lead our talented teams in southern Virginia,” said Cooley in a statement. “I look forward to building on our strong foundation, continuing to grow and evolve our markets and ensuring we deliver exceptional results for our clients.”

Headquartered in Dallas, CBRE has more than 140,000 employees and serves clients in more than 100 countries.

Virginia lawmakers outline new retail marijuana plans

SUMMARY: 

  • Joint committee members propose possible amendments for establishing market in state
  • Retail sales could begin by November 2026
  • Committee members do not plan to allow localities to opt out of sales

Lawmakers who in coming months will contribute to shaping the bills that launch Virginia’s long-awaited retail marijuana market unveiled some plans Tuesday.

Members of the Joint Commission to Oversee the Transition of the Commonwealth into a Retail Market discussed at a meeting in proposed legislative amendments they will suggest making to the 2025 bills that would have created that retail marijuana market if the 420-unfriendly had signed them.

“We’ve designed a licensing framework that prioritizes small businesses and prevents market dominance by a few large companies,” Commission Chair and Del. Paul Krizek, D-Fairfax, said early in the meeting.

As of now, the joint commission seems in favor of opening the legalized, adult-use market quickly. Retail sales could begin by Nov. 1, 2026, according to the committee’s proposed amendments.

Another big takeaway from Tuesday’s meeting: The joint commission does not seem inclined to recommend that localities could opt out of retail .

“By allowing opting out, what we’re really doing is allowing opting in to the illicit market, so there will not be any dry counties like in the days of alcohol,” Krizek said.

The committee did not reveal language for a proposed bill Tuesday, however Krizek stressed that the commission members are all on the same page about what they want to include. But more needs to be worked out, he said, before it’s made public.

“This bill hopefully has a little for everybody, and it builds a new market that supports hundreds of small businesses and strengthens Virginia agriculture, reduces the racial disparities created by the prohibition on marijuana, and protects, most importantly, public safety and health,” Krizek said.

Virginia’s first dispensary opened in 2020. The next year, under the then-Democratic-majority state , the commonwealth became the first state in the South to legalize marijuana. However, Youngkin, a Republican, has vetoed bills that would have enabled retail sales of marijuana for recreational use.

But Gov.-elect Abigail Spanberger, a Democrat, has pledged to sign legislation creating a retail marijuana market. Earlier this year, the established the joint commission to help create the legislative framework for those sales.

The stakes for getting it right are high. Virginia is projected to take in $400 million in annual revenue from the retail marijuana market over the next five years, according to Krizek.

Other proposed amendments discussed Tuesday examined who would receive licenses to sell marijuana. Under the proposed amendments, there will be a maximum of 350 licenses for retail establishments and 10 licenses for large cultivation facilities.

Pharmaceutical processors who have already been awarded permits by the CCA to grow and sell medical marijuana can obtain licenses for the retail market after paying a one-time $10 million conversion fee.

Some licenses will go to what’s being called impact licensees, a group formerly described by the General Assembly as micro-businesses. Impact licensees are intended to be individuals who meet criteria such as living in economically disadvantaged communities, being disproportionately policed for marijuana crimes in earlier years and/or qualifying for financial assistance from the U.S. Department of Agriculture as a distressed farmer in the last five years.

“Equity is not an afterthought,” Krizek said of the committee’s proposed amendments.

A direct-to-consumers license, which is also on the list of proposed amendments, would allow small operations to cultivate and process marijuana and sell marijuana and marijuana products to consumers through “age-verified delivery and limited on-site retail sales at their licensed premises.”

“That will help small businesses … to get going and have the resources then to invest and to be able to segue into a retail license,” Krizek explained.

If the proposed amendments discussed Tuesday pass the legislature, marijuana would be subject to a 12.75% Virginia sales tax and localities could issue additional local taxes of up to 3.5%. “If they want to go less, they can,” Krizek said.

The audience at Tuesday’s meeting was perhaps rowdier than others assembled at the General Assembly. One bearded attendee wore a flag emblazoned with a cannabis leaf tied around his neck as a cape.

The crowd voiced its opposition during the discussion of a proposed amendment to require a minimum distance between retail marijuana stores to one mile.

“My name is Mark. I’m just a guy,” one speaker told the commission during the public comment portion of the meeting. “About the mile distance between stores: It seems really strange to equivocate cannabis to … liquor when I can walk a block that way and buy as much beer as I want at 7-Eleven, it seems kind of unalike.”

Chelsea Higgs Wise, co-founder and executive director of Virginia-based nonprofit Marijuana Justice, said Tuesday she’s concerned that the state may launch the retail marijuana market too quickly. She wasn’t sure if the CCA would be able to hire, train and implement the needed regulatory staff by November 2026. Wise also asked whether impact licensees will be ready to sell that soon. If they’re not, only medical marijuana pharmaceutical operators will be able to sell by then.

Todd Gathje, vice president of government relations for The Family Foundation, a Christian conservative lobbying organization, spoke against the commission’s opposition to allowing localities to opt out of participating in the retail marijuana market. “We’re extremely discouraged by the fact that we’re not going to have some type of local referendum to allow localities to decide what’s going to be put in their localities,” he said.

The 2026 General Assembly session starts Jan. 14, 2026.

Curaleaf agrees to buy Central Virginia medical marijuana operation for $110M

SUMMARY: 

  • to purchase ‘s subsidiary that serves the Central Virginia medical market for $110M
  • Possible acquisition comes as Virginia is expected to soon launch adult-use marijuana market
  • Deal would include five retail locations, a retail location in development and about 82,000 square feet of cultivation and production capacity

The Cannabist Co., a Massachusetts-based multistate cultivator, manufacturer and retailer of marijuana products, has entered into an agreement to sell all ownership interests of its subsidiary that provides in Central Virginia for $110 million to a subsidiary of Connecticut-based marijuana products provider Curaleaf Holdings, the companies announced Tuesday.

Curaleaf Inc. will buy Green Leaf Medical of Virginia (branded as gLeaf Virginia), The Cannabist Co. subsidiary that cultivates, manufactures, distributes and sells medical marijuana in the greater region. The Virginia assets that are part of the purchase agreement under consideration include five retail locations, one additional retail location under development and about 82,000 square feet of cultivation and production capacity.

Followers of the marijuana industry would likely say it’s a good time to get into the medical marijuana business in the commonwealth. After Gov.-elect Abigail Spanberger is sworn in this January, many expect Virginia to quickly launch a retail marijuana market, long delayed under the administration of her Republican predecessor, .

“The fact that Virginia is poised to expand from medical to adult-use retail sales certainly makes such a purchase all the more enticing,” said JM Pedini, the development director of the National Organization for the Reform of Marijuana Laws (NORML), who also serves as executive director of the Virginia affiliate chapter.

Virginia’s medical marijuana program is divided into five health service areas (HSA). As designed, each area should have a single licensed pharmaceutical processor, which is the only authorized grower and dispenser of medical marijuana in that region. The subsidiary of The Cannabist Co. being sold serves the medical marijuana market in Virginia’s Health Service Area IV, which includes Richmond and other Central Virginia localities, as well as a few counties in Southern Virginia.

In 2024, the Virginia (CCA) took over regulatory oversight of Virginia’s medical marijuana program from the state Board of Pharmacy.

Jessica Fullerton, a spokesperson for the CCA, said the agency does not have the authority to review or approve ownership changes to pharmaceutical processor licenses before those changes take effect.

“At present, licensees are only required to notify the CCA when an ownership change occurs,” she said in a statement. “Following that notification, background checks are conducted on any new material owners.”

If closing conditions are met, Curaleaf plans to close the deal in the first quarter of 2026, according to a company news release. The transaction has a go-shop period in which the target company can seek competing offers. That ends Dec. 22.

If another bid is accepted or if The Cannabist Co. fails to receive noteholder consent for the purchase, Curaleaf will be entitled to a $3.3 million breakup fee as well as associated expenses up to $350,000.

The Cannabist Co., known as Columbia Care until 2023, took control of Virginia’s HSA IV license after its 2021 acquisition of Green Leaf Medical.

A spokesperson for Curaleaf did not respond to questions sent by Virginia Business, but did provide a link to a press release on the purchase agreement. The Cannabist Co. did not respond to a request for comment.

Earlier this year, The Cannabist Co. announced the formation of a special committee to consider asset sales, mergers or other transactions “in consideration of the ongoing operational and financial challenges for the company and the industry, as well as of the continuing uncertainty as to if and when U.S. federal regulatory changes may occur that will impact the company and the industry.”

Most companies in the marijuana industry are facing financial struggles, according to Pedini.

“It’s the cost of doing business in a highly regulated and federally illegal industry,” they said.

In August, The Cannabist Co. closed on the sale of a Pennsylvania affiliate, resulting in the sale of three dispensaries for $10 million. In November, the company completed the sale of its leasehold interest and equipment in a Florida cultivation facility for $11 million, with the potential of an additional $1 million if Florida legalizes adult use.

In 2024, Verano Holdings, a Chicago-based multistate company, closed on the acquisition of The Cannabist Co.’s subsidiary that was the sole vertical medical marijuana provider for HSA V, which encompasses the Roads region. The Cannabist Co. called that deal “a critical move for us as we continue our path of building a better business and reshaping our footprint to improve our financial footing, ultimately bringing us closer to profitability.”

Eric Postow, Fairfax-based managing partner for Holon Law Partners, said the purchase agreement signals greater dominance by multistate marijuana operators “in a Virginia market that was originally intended to be more Virginia-business-centric.”

“Curaleaf is a major national operator with a long regulatory history, and their entrance will reshape the competitive landscape here,” Postow wrote in an email.

As for Pedini, they didn’t hesitate when asked whether Virginia consumers will benefit if Curaleaf is able to acquire The Cannabist Co.’s subsidiary that serves HSA IV’s medical marijuana market.

“What’s good for Virginia consumers is having operators who can deliver medical cannabis that’s safe, convenient and affordable,” they said.

HSA I, the area that encompasses the Shenandoah Valley, Charlottesville and Fredericksburg, does not have a medical marijuana provider. In 2024, the CCA awarded a subsidiary of AYR Wellness a conditional approval to serve as that region’s pharmaceutical processor. Curaleaf was among 40 applicants, who each paid $18,000 in fees, to be considered for the HSA I license.

AYR Wellness, which is based in Miami, entered a restructuring agreement over the summer due to overwhelming debt.