During this past summer, New Jersey decided to double the number of medical cannabis licenses from six to 12. Existing license holders were not eligible to apply for new licenses in this round. New applicants had essentially six weeks to compile a licensure application, file the required licensure fee and paperwork, and submit their no-more-than-300-page application.
No bills have been posted as of yet, but several major issues appear to be poised for review by the Legislature.
There is more to this issue than meets the eye as the Legislature braces for a vote on decriminalizing marijuana, possibly by the end of this month. Senate President Stephen Sweeney says he has the votes to pass S-2702 (Scutari) and S-2703 (Scutari). But at the present time there are more questions than answers:
From a business perspective, here’s what the proposed changes mean, according to Fanburg:
APPLICATION PROCESS: New license applications will “require submission of evidence of community engagement and minority, women, and veteran participation in an ATC’s operations through ownership, management, and local hiring plans, and endorsements of community organizations,” states the regulations.
Lawyers looking for the next hot trend in New Jersey are opening up shop in the areas of cannabis and blockchain.
The former is a result of interest from Gov. Phil Murphy’s new administration — the state has already embraced expanded uses of medical marijuana and is working on legalization for recreational use — and the latter is a growing business trend, as more companies discover uses for a secure, online ledger to track transactions.
The law firm Brach Eichler LLC and the lobbying firm Public Strategies Impact LLC have formed an alliance focused on New Jersey’s emerging cannabis marketplace, they announced Wednesday.
Strategic Cannabis Solutions will work with clients to advise, position and advocate for them to successfully obtain state-required cannabis licenses, according to a news release.
Jordan Fisch and Marc Press have been tapped to lead Cole Schotz’s new Cannabis Law Group, based in Hackensack.
Their practice, drawing from experience with the firm’s corporate, real estate, health care, intellectual property, employment and tax practices, will cater to investors and entrepreneurs looking to navigate opportunities within the emerging cannabis industry.
Recreational marijuana isn’t even legal in New Jersey—yet—but the election of pro-legalization Gov. Phil Murphy and the regulatory expansion of neighboring states has law firms in the Garden State firing up cannabis practices. My colleague David Gialanella reports that at least three firms have launched marijuana groups in recent months. [New Jersey Law Journal]
Fisch, in an interview, said forming a practice group focused on cannabis law was a sensible move. “Several of us were already involved in various cannabis interest ventures and we though it would be a benefit to have a consolidated group,” Fisch said. “This is a rapidly changing practice area.”