The 108 new licenses will be split into three different types of endorsements:
- 54 dispensary endorsements
- 24 cultivation endorsements
- 30 manufacturing endorsements
To allow small and medium-sized businesses to participate in the program, cultivation endorsements will be available in three sizes: 5,000 square feet, 20,000 square feet, and 30,000 square feet. Another big opportunity for smaller businesses is retail, since they will no longer have to grow and process it themselves.
When the idea was advanced that New Jersey might become the region’s first legalized marijuana marketplace, one of the auxiliary benefits proposed was that it had potential to lift real estate markets that may have gone overlooked.
As businesses hurried to set up shop, a wave of real estate deals would be a boon for all, it was said.
Attorney Gene Markin said that excitement has been fast fading.
On May 1, 2019, the City of Newark Municipal Council adopted Ordinance 18-1970 (the "Ordinance") by a 7-0 vote amending several sections of the City’s Land Development Ordinance to permit as conditional uses medical marijuana alternative treatment centers, medical marijuana cultivation facilities, medical marijuana manufacturing facilities, and medical marijuana safety compliance facilities (collectively, the “Medical Marijuana Uses”) in specified zoning districts within the City. The majority of the public who attended the hearing were in support of the amendment. Hon.
The latest hurdle in the cannabis industry is one of growth. As New Jersey works to legalize the recreational market in the coming months, state officials are estimating that nearly 100 cultivation sites will be needed to grow and supply The Garden State with cannabis. This estimate gets bigger when one considers the boom in the state’s medical marijuana market should adult-use be legalized by the end of May.