Scott Rudder, president of the New Jersey CannaBusiness Association, said it’s easy to see why there’s so much interest.
“They (applicants) want to be in this densely populated market. They want to be positioned for the future adult-use program,” said Rudder, who believes recreational marijuana legislation will pass and be on the governor’s desk later this fall.
There are other reasons why the New Jersey market is attractive, Rudder noted:
- The state, under Gov. Phil Murphy, has relaxed what was a heavily regulated industry. For example, five qualifying medical conditions were added in March.
- The number of MMJ patients has nearly doubled from a year ago to 30,000.
- Under New Jersey’s system, dispensaries grow and process their own marijuana to sell. But licensees will now be allowed to open satellite dispensaries across the state.