To promote public trust, private investment and market stability, we need to create a system of accountability, adaptability and full transparency.
In the ’70s, Gov. Brendan Byrne established the New Jersey Casino Control Commission. The five-member commission brought autonomous regulatory oversight to the gambling industry. The authority of licensing and regulation was vested with the five commissioners and allowed the industry to adjust and operate fluently and efficiently.
We would be remiss if we did not recognize the success of the Casino Control Commission as we plan the legalization of marijuana.
The establishment of a five member, full-time New Jersey Cannabis Regulatory Commission is the most responsible course of action. It will ensure the success and integrity of the new industry. An independent commission is the best way to protect the industry from outside influences, illegal enterprises, tax evasion or even shifting leadership -- always a concern for initial investors. If a new governor could cripple the industry on a whim, then investor confidence will inevitably suffer.
However, if we do the right thing and create the Cannabis Regulatory Commission from the beginning, we will set ourselves up for the greatest possible benefit. Protecting the industry at its inception will help guarantee its future.