Cannabis Consulting in New Jersey | Expert Cannabis Application Advisors
Updated May 2021 | Adult-use cannabis sales in New Jersey are expected to begin by the end of 2021. New Frontier Data estimates that the New Jersey cannabis market will reach $1 billion in 2023. Thus, New Jersey is bound to become the largest cannabis market on the east coast, that is, until New York starts their Adult-Use Sales. Are you an entrepreneur or investor interested in winning a cannabis license in New Jersey? Would you like to become a cannabis business owner in New Jersey? If so, now is the time to begin preparing to apply for a cannabis license. Herein, from years of cannabis consulting in New Jersey, we have put together this article to provide you with information and advice that will help you win a license.
Our cannabis consultants in New Jersey are experts at winning cannabis licenses. We have the highest success rate in the industry and have won licenses in 27 US States and 6 countries. Contact us for a head start on your business plan and additional cannabis consulting services in New Jersey.
How to Win a Cannabis License in New Jersey?
To begin with, since legalization is still so new that there isn’t too much information on cannabis license acquisition in New Jersey. With that, there are still some important steps to take for you to get your foot in the door within this market. It is important to know these steps if you want to know how to sell or grow marijuana in New Jersey.
Learn the New Jersey Cannabis Rules and Application Process
The first step you should take when applying for a license is to learn the rules of the State and the local municipality that would like to locate your business. New Jersey will place a heavy emphasis on whether you are able to comply with the State’s regulation. This must be demonstrated clearly in your application. Put differently, your Application should reflect your knowledge of and plans for complying with New Jersey Cannabis Laws.
Also, you will want to look over the application process and requirements. Do you meet the capital requirements? Do you have the resources and know-how to complete every section of the Application? Some applications may require you to write business plans with several hundred pages. If you are unfamiliar with this process or have concerns, reach out to our New Jersey cannabis consulting firm to learn how we can help you put together a winning cannabis application.
Choose the New Jersey Cannabis License you want to Apply for
Secondly, you are going to want to choose which cannabis license in New Jersey you would like to apply for. Each marijuana license will give you permission to conduct a different set of activities.
Six classes of licenses will be available for the cannabis market in New Jersey. These include:
Contact our New Jersey cannabis consultants to find what business works best for what you want.
Build your Team of Cannabis Experts in New Jersey
After you have chosen the type of license you intend to apply for, the next step is to build a team. The team that you list on your application is extremely important. The state of New Jersey will grade your application based on your team’s previous experience in cannabis and related fields. In other words, your team should reflect your ability to operate a New Jersey Cannabis Business that is compliant, responsible, and safe.
Equally important to your team’s experience, is their ability to qualify as a social equity application. Also, having a diverse team is important for receiving a higher score. The State of New Jersey places a priority on Applicants that qualify for Social Equity Status. Put differently, it is nearly impossible to win a license if you are not applying as a Social Equity Applicant.
For those who may not be familiar with Social Equity, I provide a brief summary of the concept below.
Would you like assistance building a team for your cannabis application in New Jersey? Luckily, our marijuana consulting firm in New Jersey offers talent acquisition and executive recruiting services. We can help you find the right team so that you can win a license and operate a world-class cannabis business in New Jersey. Reach out today to speak with one of our cannabis license advisors in New Jersey.
What is Social Equity status in New Jersey?
Also, New Jersey wants social equity to be important within cannabis applications. So, they want to make sure that racial equity is a priority in cannabis businesses. Since the state is already talking about social equity we can assume it will be a very important part of cannabis applications in New Jersey.
What we do know is the commission prioritizes licenses for impact zones. Impact zones are cities with 120,000 or more residents. Additionally, those who rank in the top 40 percent in New Jersey for arrests on small possessions of marijuana are considered impact zones.
For more information about social equity make sure to contact our New Jersey cannabis consultants at Quantum 9.
Finally, New Jersey officials are making sure that their cannabis market is of quality. This means that they want to keep social justice at the forefront. This is honorable of New Jersey as some states do not make these kinds of efforts. This also gives entrepreneurs the time to find a cannabis consulting firm in New Jersey so they can make sure that they win a cannabis application to run a successful cannabis business.
Talk to Government Officials
As of now, only one member of the Cannabis Regulatory Commission has been named. She advises that those who want a cannabis license in New Jersey should talk with local governments and listen to their concerns. Some communities do not want cannabis businesses within their town. So, talking to these government officials may persuade them to allow these businesses.
All in all, the acceptance of cannabis in more towns leads to more opportunities for cannabis businesses in New Jersey. This is crucial for expanding the industry. Make sure to utilize cannabis consulting in New Jersey to find out how to reach officials in the town of your interest.
Additional Information regarding Cannabis License Consulting In New Jersey
Can Anyone Apply for a Cannabis License in New Jersey?
If you are wondering how to sell or grow marijuana in New Jersey, you need to be aware of the application process for a cannabis business license.
So, can anyone apply for a cannabis license in New Jersey?
Yes and no. As stated before, New Jersey still does not have official rules for applications. With that, it is important to talk to a cannabis consultant in New Jersey so you can know when the best time to apply is.
So, can you apply? As of now, New Jersey is considering both micro and conditional cannabis licenses. This is a good thing as it expands access beyond the big guys in cannabis. That’s right, you do not have to have an established cannabis business to have a chance in this market. Click the button below to speak with a New Jersey Cannabis Consultant.
When will New Jersey Cannabis Licenses be Available?
State legislatures in New Jersey are working on a bill that explains how they will distribute cannabis licenses in New Jersey.
Existing medical marijuana dispensaries within New Jersey will be able to sell recreational marijuana once the bill is passed. This is good news for the people of New Jersey because recreational marijuana will be available pretty quickly.
As for new recreational dispensaries in New Jersey, it will take longer for those stores to officially open. But, that does give time to aspiring cannabis business owners to work with cannabis consultants so that they can obtain a license.
As of now, the commission is said to adopt rules for a recreational market within 6 months after the bill is signed into law. The commission will accept and process cannabis applications in New Jersey around a month after the rules are set.
Estimated Cannabis Application Fees in New Jersey
Again, the application fees for the recreational cannabis market in New Jersey are still unknown. We can assume that they will be similar to those of the medical marijuana market. Here are how these fees look like:
- Alternative Treatment Center (ATC) License Fee: $18,000
- Annual Permit Renewal Application Fee: $20,000
- Change of Location Fee: $10,000
- Modification of Premises Fee: $2,000
- Transfer of Ownership Fee: $20,000
These fees may be steep but you have to keep in mind the profitability of owning a cannabis business in New Jersey.
As of now, exact tax rates for cannabis are not clear. New Jersey’s current sales tax is at 6.625 percent. So, this will apply to cannabis sales within the state.
Additionally, this measure allows local towns to create additional taxes on cannabis products. So, towns can levy taxes up to 2 percent.
History of Cannabis in New Jersey
Lastly, for those who may be interested in cannabis history, New Jersey has been fighting for legal cannabis for a long time.
In 2013, marijuana arrests in New Jersey were extremely high. Marijuana arrests continued to increase within the state. In 2017, New Jersey arrested more people on cannabis offenses than any other state. Some first-time offenders even served jail time.
On January 18, 2010, the governor of New Jersey signed into law the Compassionate User Medical Marijuana Act which permitted the use of medical marijuana for those with qualifying conditions.
Efforts for legalization during 2018-2019 were unsuccessful. With that, legislative leaders placed a marijuana referendum on the 2020 ballot. In December of 2019, the bill was passed in both houses with a supermajority. On November 3rd, 2020 voters in New Jersey approved New Jersey Public Question 1.
Now, New Jersey state legislatures are working on modifying marijuana laws within the state. The bill that they are working on will decriminalize possession of marijuana up to 6 ounces.
With that, many entrepreneurs are eager to enter this market. Some even claim that this market might be the largest in the United States, besides California.
Now, is the time to invest in this incredibly hot market. Our New Jersey cannabis consultants are here to explain how to get a cannabis license in New Jersey.
Conclusions | Cannabis Consulting in New Jersey
In addition to the business opportunities, this market will also create new jobs for many people. Currently, New Jersey has 2,356 cannabis jobs and this new cannabis market is expected to create an additional 19,o37 jobs by 2025. This is especially important during a global pandemic.
Finally, although 5 new states (Arizona, Montana, South Dakota, Mississippi, New Jersey) all legalized some sort of marijuana legalization, New Jersey is the state to look out for. This market is described as untapped and the population in New Jersey is massive. So, if New Jersey implements this program fast, it is predicted that the cannabis market will make $1.5 billion within the next five years.
If you are still curious about more information on how to sell or grow marijuana in New Jersey, make sure to contact our successful cannabis consulting team. If you want to know more about cannabis consulting in New Jersey click here.