Yes, there have been problems associated with the legalization of marijuana. But it is only in a system of government-regulated distribution of marijuana that these problems can be identified and addressed. New Jersey will insist on proper labeling of marijuana products, age and activity restrictions and a ban on marketing to minors.
The cannabis industry is one of the fastest-growing sectors in the world, and a number of alcohol giants are choosing to invest in legal pot rather than get pushed aside by potential competition. Constellation Brands, the U.S. distributor of Corona, Modelo, Svedka, and other imported beers, wines, and liquors, snapped up a 9.9% share in Canadian cannabis giant Canopy Growth Corp. last year for the cost of $191 million. This week, the company vastly increased their commitment to legal weed, announcing an additional $4 billion investment in Canopy.
In New Jersey, the state government has opened the licensing application process in order to increase the number of medical marijuana companies from six to 12. (Source: “New Jersey launches application process to double medical cannabis licenses,” Marijuana Business Daily, August 13, 2018.)
On top of that, the state is reportedly looking into a recreational marijuana bill that could hit the state legislature as early as next month.
I attended Cannagather with much trepidation. Held at Jersey City’s Zeppelin Hall—site of numerous fundraisers for Steve Fulop, in the midst of one of JC’s fanciest neighborhoods (the Pyongyang of Jersey City, if you will)—I expected the event to be packed full of venture capital-types half my age whom I would reflexively hate. The VC guys were there, but the crowd was much different than I expected.
New Jersey officials expect sports betting to bring in $13 million this fiscal year. Legalizing recreational marijuana could mean $300 million a year. And that eventuality moved closer to reality Monday as New Jersey Senate President Steve Sweeney said he’s oping lawmakers will act by the end of summer on such a bill.
Sweeney and Assembly Speaker Craig Coughlin are working to coordinate bills for expanding the state’s medical marijuana program, as well as legalizing recreational use for adults.
A small crowd gathered outside Viola Extracts’ cultivation facility for a morning press conference on the banks of the Detroit River July 13. Inside, however, the warehouse was mostly empty.
More than a month prior, on May 29, Detroit police executed a search warrant and arrested six workers inside the facility. Police officers, in conjunction with U.S. Border Patrol agents, confiscated more than 100 lbs. of cannabis. The six were arraigned June 1 in Michigan’s 36th District Court.
Gov. Andrew M. Cuomo took a step closer to voicing full-throated support for legal marijuana on Friday, embracing elements of a state Health Department report that favored legalization.
Mr. Cuomo, addressing reporters after an unrelated speech in Brooklyn, said New York would no longer have the option of trying to simply prevent the flow of the drug into the state now that its neighbors in Massachusetts and New Jersey are moving forward with plans to legalize the drug.
The state of New York is weighing whether it should legalize marijuana — and a new report comes down hard in favor of the move, Bloomberg reports.
Q. What do I need to do first when beginning the process of applying for a license?
A. Nail down the property.
Q. What’s the biggest mistake industry entrants make?
A. Not knowing where they’re going to locate.
Q. What’s one of the biggest obstacles in opening a dispensary or grow/manufacturing facility?
A. Getting the zoning and use permissions from municipalities.
Recreational Marijuana could soon be legal in New Jersey. This news has all millennials in the state pumping their fists like Pauly D from the Jersey Shore. Entrepreneurs, however, have already begun applying for licenses so they can be one of the first to open a New Jersey dispensary.
The possibility of legal marijuana in New Jersey has investors, and most college students very excited (for different reasons). And rightfully so; a report done by New Jersey Policy Perspective projects the recreational market could be worth over $1 Billion dollars in its first year alone.