“The East Coast – specifically the New York and New Jersey markets – is poised for tremendous growth as the most densely populated states in the country finally start stepping on the gas pedal for its adult-use market. The labor market itself is still incredibly strong, and weve seen a trend of job seekers who have learned transferable skills and experience and are putting them to good use in the cannabis industry,” said Liesl Bernard, CEO of CannabizTeam.
New Jersey Gov. Phil Murphy on Monday finally signed a law to implement a projected $1 billion recreational marijuana market, hours after lawmakers agreed on a “clean-up measure” that had held up the process for months.
Adult-use Sales could begin before year-end.
New Jersey is poised to become the largest marijuana market on the East Coast – unless and until New York legalizes adult use.
New Jersey is poised to become the biggest state on the East Coast to legalize recreational marijuana.
After struggling to enact legislation to join the growing number of states that have fully lifted prohibition of the drug, lawmakers placed it directly on the Nov. 3 ballot. And it has widespread support: a recent poll found that two-thirds of likely voters are in favor of it.
By early 2020, marijuana had made tremendous strides toward legalization—for either medicinal or recreational purposes—in most states and even implicit federal recognition in the form of safe-harbor legislation for insurers and banks conducting business with the cannabis sector. But then COVID-19 struck, and progress predictably slowed. Nonetheless, unintended effects of the global pandemic may ultimately usher in a new wave of legalization and protection for marijuana businesses and the insurers and banks who work with them.
Here are three factors to keep in mind as states address either recreational or medical legalization this year: