And as legalization spreads, established companies in early-adopting states are looking to expand — especially to the East Coast, which is expected to largely legalize in the coming years. Rolling Stone caught up with Peter Barsoom, CEO of 1906 Edibles, a Colorado-based company that specializes in mood-targeting cannabis treats for both the medical and recreational markets. Currently only available in Colorado, they’re moving into both the Massachusetts and Canadian markets next year.
According to Barsoom, a New Jersey native, the New Jersey market is going to be completely different. He talked to us about his company’s plans, and why he thinks it’s going to be the hub of the world’s cannabis industry. “Personally, I think New Jersey is one of the most exciting states,” Barsoom says. “Of all the places that I’d want to operate in, New Jersey would be my number one.”
Why is it you want to go to New Jersey?
New Jersey has a unique set of circumstances that I think allow it to potentially become one of the leaders in the cannabis industry, not just in the U.S., but globally. First off, you have a long history of social justice issues around cannabis prohibition. New Jersey spent over a billion dollars in the last decade prosecuting and enforcing cannabis prohibition laws, and it has some of the highest incarceration rates in our country. So we have a wrong that needs to be righted. Also, New Jersey has some of the highest property taxes in the country, and so there’s a really amazing economic release story that can come from this.