Earlier today, Governor Murphy tweeted about the legalization of cannabis, highlighting the opportunities created in the NJ cannabis rollout.
Governor Murphy tweeted celebrating the continued rollout of the NJ cannabis industry. Governor Murphy tweeted that 1600 business applications, including 400 women-owned businesses, were processed by the NJ Cannabis Regulatory Commission (NJCRC) since the NJ cannabis rollout began. Of these, most have gained approval by the NJ CRC to seek operation in the Garden State as a conditional licensee.
New Jersey provides either a conditional license or a standard license. The conditional license allows an applicant to seek a site and township. In contrast, an annual license is given to those applicants who have secured a location and township approval. The standard license approval is the final step towards establishing the actual location for a cannabis business.
Happy canni-versary, New Jersey!— Governor Phil Murphy (@GovMurphy) April 21, 2023
Adult-use marijuana sales began one year ago today. We will continue to support the development of a robust, thriving, and diverse industry. pic.twitter.com/cmK2QHSK3c
While the legalization is exciting and continuing to roll out, it also faces many challenges.
The majority of challenges for cannabis licensees mostly include limited real estate. This challenge mostly comes from the fact that most municipalities still prohibit cannabis businesses within their city lines.
Meanwhile, smoke shops, gifting and gray market operators, pop-up weed markets, and similar appreciation events are going on without much of an issue. There are weekly events throughout all parts of the state.
Similar events are also abundant throughout all five boroughs of New York City.