Companies in the Market: Multistate operators have a strong foothold in the market, partly through acquisitions.
MSOs with licensed operations in New Jersey include Acreage Holdings, Columbia Care, Curaleaf, Green Thumb Industries, iAnthus and TerrAscend.
Big Picture: The New Jersey vote is expected to put pressure on other states to follow suit across the Northeast and down the East Coast, including Connecticut, Delaware, Maryland, New York, Pennsylvania, Rhode Island and Virginia.
Legalization in the densely populated region would create billions of dollars in business opportunities for plant-touching marijuana companies and ancillary businesses such as makers of cultivation and procession equipment, consultants and law firms.
One potential hurdle: New Jersey’s limited medical cannabis market could make it difficult to flip the switch to adult use and create enough supply to meet pent-up consumer demand.
Several operators are busy preparing for a recreational market by expanding cultivation and processing capacity.