The grass is certainly looking green in the garden state (New Jersey). Cannabis sales in New Jersey surpassed $24 Million in its first month of legally selling to adult-use customers. And this is just the beginning according to the executive director of the Cannabis Regulatory Commission, Jeff Brown.
The state currently has twelve dispensaries in operation with another six sets to open soon. As the 19th state to allow legal recreational cannabis sales its 13 dispensaries average 5 million dollars in sales per week according to the Cannabis Regulatory Commission.
Here are a few key things to know if you’re looking to break into the booming market; NJ cannabis license types, the application process, and New Jersey cannabis priority applicants.
Cannabis License Application Process
The New Jersey cannabis license application process has some familiar requirements, such as local municipal approval, site control of the business premises, background checks of the owners, entity documents, business and financial plan, standard operating procedures, and demonstration of experience operating a cannabis business.
Applicants have the option to apply for a conditional license before converting to an annual license. Conditional licenses are valid for 120 days unless the CRC grants a 45-day extension. Conditional licenses do not need to demonstrate site control of the business premises or local municipal approval. However, all requirements for annual licensure are necessary before legally operating.
New Jersey Cannabis License Types
The Cannabis Regulatory Commission (CRC) regulates marijuana licenses in New Jersey. The state is currently accepting applications for Class 1 Cultivators, Class 2 Manufacturers, Class 5 Retailers, and Testing Laboratory cannabis license types. There is no limit to the number of marijuana licenses New Jersey will issue. The CRC has limited the number of Class 1 Cultivator licenses to 37 until February 2023. Additional restrictions apply to the number of licenses held by individual owners and entities.
New Jersey Priority Applications
Bonus points are available for applications to obtain priority review and approval. Bonus points do not count toward the total score necessary to obtain licensure. All applications must receive a full score to be awarded either a conditional or annual license. Such bonus points include applicants with at least one owner who has been a New Jersey resident for the last five years from the date of the application. All businesses must have at least one owner who has been a New Jersey resident for at least two years from the date of the application.
Priority will also be given to Social Equity businesses (owners who have lived in an Economically Disadvantaged Area), diversely-owned businesses (certified minority-owned, woman-owned, disabled veteran-owned), and impact zone businesses (businesses owned by or employ residents of an Impact Zone. Impact Zones are areas and communities most impacted by the War on Drugs.
The following companies have received their licenses already (Verano of Chicago, Ascend Wellness Holdings, TerrAscend, Green Thumb, Acreage, and Curaleaf) while others are pending.
How can Cannabis License Experts help?
It’s important to know all requirements before pursuing a cannabis license in New Jersey. At Cannabis License Experts our team has the experience to guide you through the process. Contact us today.
At Cannabis License Experts, we provide you with the guidance to plan your cannabis business. This can include acquiring funding, navigating the legal requirements, and acquiring the appropriate cannabis license for your operations.
As the New Jersey cannabis industry develops, more and more licensed producers, cultivators and dispensaries will be needed to meet the demands of consumers.
What kind of support do we provide?
Cannabis License Experts offer support from day one of starting your cannabis business. This may include strategic planning, floor plan preparation, site audits, SOPs, Preventive Control Plans (PCPs), and more.
Our Edibles Compliance division can provide you with a solid plan for your edibles business to help get your products on store shelves.
Contact us today to discover how we can license and legalize your cannabis business to meet federal or provincial regulations.