New Jersey Cannabis Market
Get Started Now to Pursue Cannabis Opportunities in New Jersey
Update February 22, 2021:
Governor Murphy just signed the much anticipated adult-use cannabis bills. Regulations are expected to be released on August 23.
Start your business plan and financial model now.
New Jersey voters showed strong support for Public Question 1, with 66.9% of votes in favor of Adult-Use cannabis. Governor Murphy’s signature on three pieces of adult-use legislation closes the long prologue to the saga of the adult-use cannabis market in the Garden State.
Now, the real writing must begin—literally. With the legislation signed, the state will begin working on the lengthy process of writing the regulations, which will detail all aspects of the new program. We may see emergency regulations get released at any time, and it should be approximately six months until we see the entire regulations released.
We can help you sort out the facts, educate you on the actual market conditions and opportunities, provide specific information based on what type of cannabis business you want to start, and begin developing realistic goals and plans.
Contact our cannabis experts today to discuss how to be properly positioned to win a competitive cannabis license in New Jersey.
Cannabis Business Guidance in New Jersey
Taking the time to put together your financial model, facility designs, and business plans now will help position you raise capital, secure properties, win local approval, and recruit potential team members.
Market Conditions in New Jersey
Industry officials expect the adult-use market to launch in Q3 or Q4 of 2021, at the earliest. Sales are projected to hit $1 billion by 2024.
Twelve current Alternative Treatment Center operators, that are vertically integrated as required by law, are expected to automatically qualify for adult-use licenses.
Questions to be answered include:
- How and if the new program will allow for participation and opportunities for small, local companies and social equity applicants.
- Addressing the struggle to meet current patient demand, compounded with increased adult-use demand from New Jersey and neighboring states.
Stay up-to-date on medical marijuana in New Jersey
Governor Murphy of New Jersey continues his outspoken support for expanding beyond the current medical marijuana program.
@GovMurphy said via Twitter just days before the election, "It's time to legalize adult-use marijuana in New Jersey — for social justice, for racial justice, and for economic justice."