Under the USDA-approved hemp licensing program, business opportunities in New Jersey are being further promoted by developing commercial markets for farmers and all qualified participants to produce, sell, and manufacture hemp. The organization of the legislation and the business/marketing infrastructure plan, in sync with one another, create an opportunity for long-term profit and success.
Many New Jerseyans may have found themselves lost in the weeds these past few months as our world adjusted to life during a pandemic like no other before it. As our “new normal” emerges, businesses in New Jersey and elsewhere seek new opportunities. In this month’s edition, we present a primer to explain New Jersey’s new Hemp Program. Through it, hemp growers, producers and retailers alike may capitalize on new hemp-based business opportunities in New Jersey.
The New Jersey Hemp Farming Act was enacted in August 2019. This new legislation complies with the 2018 Farm Bill, which authorized hemp producers to grow and sell hemp for commercial purposes.
On December 27, New Jersey was among the first three states to have its Hemp Program approved by the USDA.
It is the participant’s responsibility to ensure that the transfer or sale of any hemp material complies with all applicable state and federal laws. All hemp materials must be appropriately identified or labeled during transit.
On August 9, Governor Phil Murphy signed into law Assembly Bill 5322, establishing the state’s program for cultivation, handling, processing, transport, and sale of hemp. The bill also repeals the New Jersey Industrial Hemp Pilot Program, which was passed in late 2018. Here are some key takeaways from the new law: