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Now, startups can procure some capital after New Jersey announced a $10 million program called the Cannabis Equity Grant.
The New Jersey Economic Development Authority says awardees can use the money for early-stage expenses and technical training.
Out of the $10 million allotted to the program, $6 million will go to social equity applicants — people with prior cannabis convictions and those who live in economically disadvantaged areas as defined by the state.
New Jersey adult-use marijuana sales exceeded $100 million for the first time in the third quarter of the 2022 fiscal year, with combined medical and recreational cannabis purchases totaling $177,710,764, the state reported on Friday.
The New Jersey Cannabis Regulatory Commission (NJ-CRC) said that, between July and September, adult-use sales reached $116,572,533—a 46 percent increase from the prior quarterly total of $79,698,831.
The public will have 60 days to comment before the commission votes to adopt the proposals,
“It’s a great idea,” said Lemar Boone Jr., part-owner of adult-use cannabis retail company, Cuzzies.
“I think that we should have places where we can safely consume that are out of the way … that may not cause a nuisance to other people,” Boone Jr. said.
Pot lounges could soon be coming to New Jersey. Cannabis regulators have given approval to the idea, but it will be a while before anything like this can open for business.
Such public cannabis consumption areas are part of the Cannabis Regulatory Commission’s commitment to equity, justice and public health, says Chairwoman Dianna Houenou: “Equitable access to cannabis means everyone who wishes to consume has some place they can do that — legally, safely, and responsibly.”
New Jersey’s cannabis industry continues to take shape with several new developments. And the latest thing could be cannabis consumption lounges. The Cannabis Regulatory Commission approved proposed rules at its meeting last Friday that would allow any cannabis retailer to have indoor or outdoor enclosed consumption lounges. Under the rules, the lounges would be open to those 21 or older, and no alcohol or tobacco would be permitted. Just like the state’s breweries and wineries, no food would be sold on-site but customers could bring in food.
The New Jersey Cannabis Regulatory Commission voted 4-1 on Friday to approve Harmony’s expansion into recreational sales in Secaucus. The store opened as a medical marijuana facility in June 2018.
CRC Executive Director Jeff Brown said prior to their vote that Harmony was recommended for approval after they committed to adding a point-of-sale system for medical patients only, to undergo expansions and to commit to patient access standards.
New Jersey marijuana regulators approved rules for “public cannabis consumption areas” on Friday, bringing the state one step closer to providing the social use option to adults and patients.
Adult-use cannabis shops opened in April, but advocates have emphasized the need to implement regulations that give people additional spaces for where they can lawfully consume.
On Friday, the New Jersey Cannabis Regulatory Commission (CRC) moved closer to achieving that goal by approving requirements for the consumption sites and fees for businesses that operate them.
Plans are moving forward for the first medical marijuana dispensary, which eventually could be an adult-use marijuana store, to open in the borough.
Aunt Mary's Dispensary is scheduled to appear Dec. 6 before the borough Planning Board to receive minor site plan approval to open in a 5,200-square-foot space next to Panchero's in the Shoppes at Flemington off the Flemington Circle.
Red Bank Cannabis License Applications
As of this date, the council has approved 16 resolutions "acknowledging" applications for a cannabis business license; 13 for retail operations and 3 for cultivation, or growing of the herb.
Each resolution includes the language, “… the issuance of a license to the applicant by the (New Jersey Cannabis Regulatory), Commission would not exceed any municipally-imposed limit…” (emphasis added).
That’s because Red Bank has no limit on the number of cannabis businesses that can operate in the borough.
Testimony gathered this week during three public hearings by the state Cannabis Regulatory Commission will help determine how officials will invest social equity fees raised from legal weed sales.
Advocates offered plenty of suggestions for the money, from buying baby bonds for low-income newborns and funding Black maternal health care centers to supporting reentry services for people leaving prison and creating a fund to help people harmed by the war on drugs.